Argentine Corn Harvest Sets Record, Threatens Ukraine's Traditional Markets

Argentina's corn harvest has reached a record high of 71.7 million tons in the 2025/26 marketing year, surpassing the previous record by 20%. The country exported a record 10 million tons of corn in August and September, more than three times its usual export volume during this period. Argentina is now offering large batches of grain at low prices due to increasing global demand.

Importers are looking for alternative sources of grain as exports from Ukraine and the Russian Federation have been blocked, while the European Union's harvest has been reduced by abnormal summer heat. North African countries, which traditionally buy Ukrainian grain, have increased their imports of Argentine corn by 45% to 6.5 million tons in the first seven months of this year.

Export prices for Argentine corn were $200 per ton FOB Up River in early September, $5-10 higher than the spring level. However, Brazilian corn prices are even lower, which may increase competition with American and Black Sea corn. In Ukraine, corn prices with delivery to the port of Constanta are $240 per ton, while European buyers prefer deliveries to the western border at a price of $195-210 per ton FCA.

Corn futures in Paris have fallen by 4.8% to €265 per ton or $308 per ton amid increased supply from domestic crops and Ukraine. Prices in the EU and Ukraine are expected to decline further due to increased competition from Argentine and Brazilian corn imports.