Corn buyers, especially those in Benelux, Iberia, the Middle East and North Africa, are changing their purchases to the EU from Ukraine due to the Russian invasion, according to traders. Romania, Bulgaria and France have been some of the first options for importers to replace Ukrainian supplies. This has sent European corn prices to record highs. Every day the Ukrainian ports are blocked, it takes 100,000 MT of corn off the world market, according to a trader.
Some vessels sitting at Ukrainian ports are either partly loaded or lacked complete documentation. Importers are working with governments to see what can be done with these shipments.
Since the EU is generally a net corn importer, some traders think corn importers will need to find other sources beyond the EU. China has reportedly booked several million tons of Ukrainian corn for shipment in the coming months. Market talk this week signaled China booked at least 10 cargoes of U.S. corn to replace shipments from Ukraine.
