Corn prices in Ukraine have stabilized amid declining exchange rates and purchase prices at a tender in South Korea.

A rather "bearish" supply and demand report from the USDA and forecasts of a better-than-expected harvest in the U.S. continue to put pressure on Chicago corn prices, leading to a drop in prices in the South Korean tender and increasing pressure on Black Sea corn prices. Chicago December corn futures showed a speculative increase of 3.3% in the week before the report, but after the report, they fell by 2.8% and remain at $169.3/t (+1.7% for the month). The decrease in U.S. corn prices allowed South Korean importers to purchase corn significantly cheaper this week than last week. The South Korean Feed Producers Association (KFA) bought about 65,000 tons of U.S. feed corn at an international tender on November 18 at a price of $252.48/t C&F (+$1 per ton for additional unloading at the port) for delivery in January, while on November 12, another South Korean feed producer bought two batches of U.S. corn (75,000 tons) at prices of $255.9 and $265.5/t C&F for delivery by February 15, ...