Corn prices in Ukraine have stabilized amid a decline in stock market quotes and procurement prices at a tender in South Korea

A rather bearish USDA supply and demand report and forecasts of a better-than-expected US crop continue to weigh on Chicago corn quotes, leading to lower tender prices in South Korea and increasing pressure on Black Sea corn prices. December corn futures in Chicago showed a speculative increase of 3.3% in the week before the report, but fell by 2.8% after the report and remain at $169.3/t (+1.7% for the month). The decline in US corn quotes allowed importers from South Korea to purchase corn this week at a much lower price than a week ago. The South Korean Feed Manufacturers Association (KFA) purchased about 65,000 tons of feed corn from the United States at an international tender on November 18 at a price of $252.48/ton C&F (+$1 per ton for additional unloading at the port) for delivery in January, while on November 12 another South Korean feed manufacturer purchased two batches of American corn (75,000 tons) at a price of $255.9 and $265.5/ton C&F for delivery by February 15, ...