Corn prices in Ukraine have stabilized amid a decline in stock market quotes and procurement prices at a tender in South Korea

A rather bearish USDA supply and demand report and forecasts of a better-than-expected US crop continue to weigh on Chicago corn quotes, leading to lower tender prices in South Korea and increasing pressure on Black Sea corn prices.

December corn futures in Chicago showed a speculative increase of 3.3% in the week before the report, but fell by 2.8% after the report and remain at $169.3/t (+1.7% for the month).

The decline in US corn quotes allowed importers from South Korea to purchase corn this week at a much lower price than a week ago.

The South Korean Feed Manufacturers Association (KFA) purchased about 65,000 tons of feed corn from the United States at an international tender on November 18 at a price of $252.48/ton C&F (+$1 per ton for additional unloading at the port) for delivery in January, while on November 12 another South Korean feed manufacturer purchased two batches of American corn (75,000 tons) at a price of $255.9 and $265.5/ton C&F for delivery by February 15, 2026.

Recall that in October, Korean importers bought corn at a price of about $235/t C&F for delivery in December - January.

In Ukraine, export demand prices for corn increased by another UAH 100/t to UAH 9,900-10,000/t ($209-210/t) for delivery to Black Sea ports in a week, but traders offer such prices only for deliveries in November-December, while for deliveries in January the prices are $206-208/t, which indicates increased competition for buyers on the world market.

Ukrainian corn exports remain low. Since the start of the season (as of November 17), only 2.68 million tons have been exported (compared to 6.74 million tons last year) out of a projected export of 24.5 million tons (20 million tons in 2024/25 MY).

At the same time, due to the introduction of duties by the EU, Ukraine continues to lose its main destination for corn shipments in recent years - Europe. Since July 1, Europe has imported 5.6 million tons of corn, of which Brazil supplied 64%, the USA - 21%, Ukraine - 16% (919 thousand tons), although previously Ukraine provided over 50% of corn imports to the EU.

Brazil usually actively exports corn in August - October, and then supplies from the USA and Ukraine increase, but due to a large harvest, the volume of corn exports in November will reach 6.36 million tons, the Brazilian agency ANEC predicts.