Turkish Corn Prices Soar on Ukraine Supply Crunch

Turkey's corn prices have skyrocketed in recent weeks due to tight supplies and reduced shipments from Ukraine. The Konya Commodity Exchange reported that corn prices reached around $300/ton on July 31, up $32/ton from the beginning of the month.

Market participants estimate Turkey's 2026 corn production at around 6 mln tons, below the USDA forecast of 7.1 mln tons. The supply shortage is expected to continue for another one to two weeks until the domestic harvest accelerates.

The expiration on July 31 of Turkey's 3 mln-ton reduced-duty corn import quota also contributed to the price increase. After the temporary 5% tariff expired, the import duty returned to 130%. Ukraine is currently prioritizing wheat and barley shipments over corn due to disruptions at its deep-water Black Sea ports.