Corn in 2024: Market Dynamics, Export from Ukraine, Key Importing Countries, Prices, and Logistics

Corn in 2024: Market Dynamics, Export from Ukraine, Key Importing Countries, Prices, and Logistics

Corn is one of the most important agricultural products globally, crucial for the production of animal feed, bioenergy, and food. Ukraine traditionally ranks among the top three corn exporters in the world, supplying a significant portion of global demand.

In 2024, the role of corn as a strategic export commodity is growing against the backdrop of global changes in grain trade, climate challenges, and rising demand from developing countries. This article will explore key aspects:

• Export pathways for Ukrainian corn
• Key importing countries for Ukrainian corn
• Major players in the global corn market
• Corn price dynamics in 2024
• Corn export logistics
• Market development prospects for corn

1. Corn Export from Ukraine

Ukraine remains one of the leading exporters of corn, accounting for about 16% of global exports. Due to fertile soils, advanced farming technologies, and proximity to key markets, Ukrainian corn is highly valued on the international market.

In 2024, Ukrainian corn exports are forecasted to range from 24-26 million tons, a relatively stable figure compared to previous years.

Main export pathways for Ukrainian corn:

• Sea transport:
  • Key ports: Odessa, Chornomorsk, Pivdenny.
  • Share: 75% of corn exports.
• Rail transport:
  • Main routes: Poland, Romania, Hungary.
  • Share: 15% of corn exports.
• Road transport:
  • Used for exports to neighboring countries such as Moldova and Slovakia.
  • Share: 10% of corn exports.

Ukrainian farmers actively use alternative delivery routes via neighboring countries’ ports, such as Romania and Poland, to minimize logistics risks.

2. Key Importing Countries for Ukrainian Corn

Ukrainian corn is exported to over 50 countries worldwide. In 2024, the main importers are:

2.1. Asian countries:

• China: The leading buyer of Ukrainian corn, importing over 7 million tons annually for animal feed production.
• Japan, South Korea, Vietnam: Increasing imports due to growing demand for animal feed.

2.2. Europe:

• Spain, Italy, Netherlands: Use Ukrainian corn for animal feed and bioethanol production.
• Germany, France: High demand driven by needs for high-protein feed.

2.3. Middle East and Africa:

• Egypt, Turkey, Saudi Arabia: Use Ukrainian corn to ensure food security.
• Algeria, Tunisia: Reliant on imports due to limited domestic production.

3. Major Players in the Global Corn Market

The global corn market is led by several countries:

The USA and Brazil remain leaders due to large crop areas and state support. Ukraine strengthens its position through high-quality grain and geographical convenience for key importers.

4. Corn Prices in 2024

Corn prices in 2024 are influenced by climate factors, transport costs, and demand.

Ukraine remains competitive due to lower production costs, enabling it to offer attractive prices for importers.

5. Corn Export Logistics

Logistical pathways are crucial for ensuring stable supplies.

• Sea transport:
  • Advantages: large volumes, low cost.
  • Ports used: Odessa, Chornomorsk, Pivdenny.
• Rail transport:
  • Advantages: direct delivery to Europe.
  • Challenges: limited grain transport wagons.
• Alternative routes:
  • Use of Romanian (Constanța) and Polish (Gdańsk) ports.

6. Market Development Prospects for Corn

In 2024, the corn market shows steady growth due to:

• Increased demand for animal feed and bioethanol.
• Expansion of export markets in Africa and Asia.
• Investments in Ukraine’s logistics infrastructure.

To strengthen its position in the market, Ukraine should:

• Actively implement innovative farming technologies.
• Expand export geography.
• Improve logistical infrastructure to reduce costs.