Russia Corn Prices Plunge 24% Amid Export Logistics Woes
Russia's corn market is facing significant challenges due to export logistics problems. Purchase prices for corn on a CPT basis in August stood at RUB 13.9-14.8 thsd/t, down 24% year-on-year. In southern regions, prices fell as low as RUB 12-13.4 thsd/t.
The difficulties with grain exports have become a key factor weighing on the market. Limited shipment capacity is leading to an accumulation of grain on the domestic market and increasing competition among sellers. This has led to export problems that were previously most visible in the wheat market now spreading to corn.
Russia's corn production in 2026 is forecast at 15.7-17.2 mln tons, which could further increase domestic supply if export opportunities remain limited. Export duties are also affecting the market, with the corn export duty reaching RUB 607.3/t at the end of August.
According to IKAR estimates, average corn purchase prices in southern regions could fall to RUB 11.5-13 thsd/t in October-November. A price recovery is expected to depend primarily on the normalization of export logistics and a possible removal of export duties.