Ukrainian wheat, corn trade near parity amid diverging demand trends

Ukraine 11.5% wheat and corn prices are nearly at parity, at a 50-cent/metric tonprice spread, driven by stronger demand for corn from Turkey following the introduction of a quota with reduced import duties.

Corn prices rose to their highest level so far in the current marketing year, which began in October 2025. In contrast, wheat prices remained under sustained pressure from abundant supply and subdued buying interest, retreating from their early‑March highs as the market prepares for the arrival of new crop volumes.

Ukraine corn hits marketing year high

Platts, part of S&P Global Energy, assessed Ukrainian corn FOB POC at $233/mt on April 21, up from $227/mt the previous week, and up $10/mt from March 2. The corn prices rose slightly with the start of the Middle East war, which slowed later due to a slight decline in demand.

However, with the introduction of an import quota with a reduced tariff of 5% on April 17, corn prices in Ukraine rose, jumping from $227/mt on April 16 to $233/mt on April 20.

Ukraine-based traders said that demand from Turkey and slow sales to farmers were driving Ukrainian corn prices.

"The prices are also subject to the farmers' selling in Ukraine," a Ukraine-based seller said.

Meanwhile, amid rising FOB prices, demand from other destinations slightly waned, with Turkey and Italy remaining the key destinations for Ukraine.

"Turkey is the major destination now, but Italy is not that far away," the same Ukraine-based seller said.

According to the port line-up shared by a Ukrainian trader, during the period from April 1-21, a volume of about 1.7 million mt of corn was loaded from the Ukrainian port, with Turkey being the primary destination with a volume of 634,678 mt intended for Turkey, followed by Italy with 217,823 mt destined for the country.

Wheat prices fall on weak demand

Platts assessed Ukrainian 11.5% protein wheat at $232.50/mt on April 21, down from $236/mt in early March, when prices had reached their highest level since August amid geopolitical tensions.

The decline reflects slow trading activity and minimal buyer interest, with the Ukrainian grade now trading at a $6.75/mt discount to the Platts Milling Wheat Marker. Offers and bids are separated by just $1/mt as importers anticipate oversupply from the approaching new crop in July.

"I have not heard of any serious bids," one Ukrainian wheat seller said.

CPT local prices were heard at $218-$219/mt for milling wheat and $215/mt for feed wheat for both the new and old crop. For the new crop, Ukraine FOB sellers offered at $233/mt, at parity to the old crop on FOB.

As of April 15, wheat exports reached 10.5 million mt, a 22% decline from the previous year, according to S&P Global Energy CERA. CERA forecasts Ukraine's carryout stocks at 4.6 million mt and total exports at 12 million mt for the season. Export geography has remained concentrated on a handful of destinations. From April 1-21, Ukraine shipped mainly 479,943 mt to Egypt, 189,610 mt to Spain, and 131,000 tons to Algeria, according to the port line-up.

"For Egypt, there is still job to be done on freight," one Ukraine-based seller said, noting that shipping costs have settled in the mid-$20s/mt since the start of the Middle East war.