Ukraine reroutes Iran-bound corn cargoes amid Middle East conflict: traders

Ukraine's corn cargoes destined for Iran have been rerouted to Oman, Spain and Saudi Arabia due to the war in the Middle East, three traders told Platts, part of S&P Global Energy, on March 17.

Traders confirmed that three ships carrying corn to Iran were diverted at the start of the war in the week ended March 14, while they were already underway. One cargo ship, originally bound for Iran, did not pass through the Suez Canal when the war began, as shipping companies avoided the Strait of Hormuz. "The destination was Iran, so they sold in the Mediterranean to Spain," a Ukrainian trader said. "Last week, we heard a few trades like that to Spain," a Ukrainian broker said.

Two other cargoes were rerouted to Saudi Arabia. The Ukrainian trader said, "A second vessel stopped near Fujairah when the war began, unable to pass, so it was rerouted to a Saudi Arabian Red Sea port." The third cargo, which was eventually fixed to Saudi Arabia, had ongoing negotiations with buyers from Oman, South Korea, the UAE and Saudi Arabia.

A trader from South Korea said the cargo was offered to South Korea at $263/mt CFR but was ultimately traded to Saudi Arabia. Meanwhile, a Saudi Arabian buyer said, "We are looking to help our friends who have vessels going to Iran and are ready to sell to us." The buyer also said some Brazilian-origin corn was being rerouted.

Iran has been one of the most popular destinations for Ukrainian corn, though most shipments were traded using Turkish documents, Turkish traders said. According to Ukrainian port lineup data from a trader, 48,159 metric tons of Ukrainian corn were loaded for Iran in December 2025, while 157,138 mt and 151,087 mt were shipped from Ukrainian ports to Iran in January and February 2026, respectively.

However, over March 1-13, no Ukrainian corn cargoes were destined for Iran due to the war. Another Ukrainian seller said, "The last vessel I saw loaded and sailed from Ukraine destined for Iran was in February."

Traders anticipate that with corn cargoes not reaching Iran, the country's domestic market will be tight. A Ukrainian seller said, "It's strange that Iran blocked its own cargo delivery; it could have made an exception."

Platts assessed Ukrainian corn FOB POC at $224.50/mt for April 14-28 loading on March 17.