As of the end of last week, 20.8 million tons of corn have been harvested in Ukraine. Since the beginning of September, corn exports amounted to 2.2 million tons compared to 4.1 million tons last year.

Given the current dynamics, Ukraine is unlikely to export more than 5 million tons by the end of 2025, compared to 7.6 million tons last season, according to Spike Brokers.

Europe is the largest destination for corn exports in November – 552.3 thousand tons (48%) were shipped to European countries, with Italy, Spain, and the Netherlands being key markets.

Prices heading towards sea ports remain high in the spot market, compensating for the cargo deficit in the supply chains.

The spot price index for corn with delivery within 30 days rose again by $1 – to $210/ton. December prices are gradually gaining part of the November premium and are leveling off with it. Trading for January-February remains less active.

Towards the western border, Italian buyers are actively inquiring about corn for the January-March period at levels of €186-188/ton (Chop, loaded into a Euro wagon). “Regular deals for the sale of 2026 corn harvest towards Italy via the western border are being recorded weekly. Given the significant residuals at the end of this year, securing a sale at the border for €185/ton (equivalent to $218/ton, EUR/USD forward rate 1.17), loaded into a Euro wagon, looks very attractive for producers,” noted Spike Brokers.