European corn prices hit 9-month high on increased costs, stronger CBOT futures

European corn prices hit a more than nine-month high on May 5 due to increased origin costs, higher freight rates and stronger Chicago Board of Trade futures, according to brokers and traders in Spain, Italy and the Netherlands.

Platts, part of S&P Global Energy, assessed ex-works Tarragona corn at Eur230.50/metric ton on May 5, up Eur4/mt day over day and 1.7% week over week. The price was the highest price since July 29, 2025, when it was assessed at Eur232/mt.

Offers ranged from Eur233/mt to Eur234/mt on May 5, and bids were above Eur230/mt, according to market participants.

"The main driver for maize is ... domestic and external demand in the US, and this is reflected in CBOT futures," a Spain-based broker said.

Feed millers in Spain were closely monitoring crop conditions, particularly wheat and barley, as recent rainfall and mild temperatures have improved the outlook for the domestic harvest, the broker said. However, they were unwilling to pay the higher prices at the ports.

An Italian trader said the corn market in the country had strengthened, noting that the premium was inflated despite ample supply.

Ukraine reportedly left some corn from the previous harvest unharvested in the fields, where it deteriorated in quality due to frost, raising concerns about a potential shortage of high-quality corn, the Italian trader said.

The Dutch market is experiencing similar trends, with higher offer levels.

"Dutch buyers now prefer French corn over Ukrainian corn," another broker said.

The approximate spread between French and Ukrainian corn was about Eur7-8/mt, according to the broker.

Stocks were reported to be limited in the Dutch market, but buyers were holding back unless purchases were urgent.