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On October 10, the Government reported in the Official Gazette that corn imports to Turkey will be subject to a lower duty of 5% on the next one million tons of feed grains. This decision aims to reduce the standard duty of 130% by the end of the current year. Import quotas will be distributed among animal feed factories and starch and glucose producers. Earlier, the government temporarily reduced the import duty to zero in September 2021. However, market sources clarified that after December 31, the duty will increase again to 130% once the agreed volume is reached.
High demand for corn from various sectors has led to a sharp increase in corn prices in Turkey. Due to this price surge, importing has become challenging. However, the decision taken will help stabilize the supply situation, which has been hampered by high prices. A Turkish trader stated: "We used to actively import corn, but now, after the price increase, we are forced to suspend imports."
The decision has sparked increased interest from Ukrainian traders on the part of Turkish buyers. Showing interest in spot deliveries, buyers offered prices around $240-245 for corn on a coaster basis, while sellers were looking for $246-250. Turkey is a key market for Ukrainian corn, and last week offers were at $239 per tonne for deliveries in October-November on CIF terms. However, the reduction in duty could lead to a decrease in prices in the Ukrainian market, as buyers will pressure sellers to remain competitive.
There is a slight decline in prices on the market as buyers lower their bids and sellers adjust their offers. Competitive prices for corn CIF Marmara handy are around $240 per tonne for delivery in November. Platts assessment for Ukrainian corn FOB POC was $218 per tonne on October 9.
The domestic market is stabilizing as prices for local corn are declining. A Turkish trader notes a drop in prices for domestic corn. It is expected that the second corn crop will come to the market by November, increasing availability and leading to further price reductions.
Market participants expect that the reduction in import duties will attract more trading operations to Turkey in the coming days, allowing buyers to take advantage of lower prices.
