Source: Ukragroconsult (Ukraine)
Turkish buyers are estimated to have already contracted around 600,000 tons of corn for shipment in the coming months. Salih Karagoz, broker at Atria Brokers, said that 1 million tons of corn could be imported under the quota announced on October 10 with a 5% duty rate until the end of December 2024.
For example, if the corn price is USD 240/ton CIF Marmara, the import duty will be USD 12, which is well below the USD 35-40/ton that Turkish buyers have had to pay as a license fee to import corn. Such a duty could increase demand from Turkish importers.
All corn imports were made through the license system because buyers found the provisional import duty of 130% unprofitable when the license price was calculated at USD 30/ton for food corn and USD 35-40/ton for feed corn.