Ukrainian corn prices have begun to decline — a trend ASAP Agri has been signaling since early April. As previously highlighted, once demand from certain Asian buyers is met, limited interest from other destinations typically puts pressure on the market.

As of 8 May, offers for handysize vessels of Ukrainian corn to Turkey dropped to 265 USD/MT CIF, down from 268 USD/MT CIF on Friday, 2 May. The price dip triggered a swift reaction: most buyers stepped aside, adopting a wait-and-see attitude in anticipation of further declines.

Previously, Ukrainian traders had pinned their hopes on a fresh wave of demand after Turkey announced a 1 MMT corn import quota with zero import duty on 1 May 2025, valid through 31 July. However, as ASAP Agri reported, only about half of that quota may still be available for new purchases, according to traders and market participants, with buyers also eyeing cheaper-priced U.S. corn. In addition, TMO’s decision to release corn stocks to poultry farmers has driven local Turkish prices lower, further dampening import demand.

Meanwhile, prices in the Ukrainian CPT market are also declining, with buying ideas falling to 238-239 USD/MT from 243 USD/MT on Friday.