Corn prices rise despite China’s new crop forecast
Chicago December corn rose 6.7% on hopes of renewed Chinese buying, lifting global prices. South Korea paid up to $265.5/t C&F, pushing Ukrainian corn to $217–222/t FOB amid logistics delays and farmer withholding. But sentiment may shift if the USDA report raises U.S., Ukraine, or China crop forecasts.
Chicago corn futures for December delivery rose 6.7% to $173.6 per tonne on expectations that China would resume purchasing American agricultural products, despite a new forecast from China’s Ministry of Agriculture for an increase in the corn harvest and a decrease in its imports into the country.
Rising prices for the cheapest American corn on the world market have led to higher prices in South Korea.
On November 12, South Korean animal feed producer Nonghyup Feed Inc (NOFI) purchased 75,000 tons of feed corn at a tender from Agrocorp and Lotte at a price of $255.9 and $265.5 per ton C&F, respectively, with delivery scheduled for February 15, 2026.
As a reminder, in October, Korean importers were buying corn at around $235 per ton C&F for delivery in December and January. This sharp rise adds optimism to Ukrainian corn prices, which had been the highest on the market and continued to rise due to delays in deliveries to ports.
Bid prices for feed corn for November delivery rose to $217-222/t FOB Ukrainian Black Sea ports, equivalent to $267-270/t C&F for delivery to South Korea.
Rail logistics difficulties are delaying corn deliveries to ports under previously signed contracts, so traders are raising spot prices to secure the necessary quantities.
Export demand prices for corn in Ukraine increased by UAH 100/t over the week to UAH 9,850-9,950/t (USD 206-210/t) for delivery to Black Sea ports in November, but farmers are in no hurry to sell, as they expect prices to rise to the level of feed barley prices, which have risen to USD 220-223/t.
But today, the USDA’s November report is released, which could send the corn market into meltdown with further increases in corn harvest forecasts for the US, Ukraine, and China.
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Source : Ukr Agro Consult
