Turkey Secures 280,000 Tons of Feed Corn in Latest Tender
- Confirmed demand: Turkey’s TMO secured 280,000 tons of feed corn, reinforcing steady regional consumption needs.
- Tight logistics margins: Narrow $1–3/ton spread between EXW and C&F prices highlights competitive freight and efficient logistics.
- Time-sensitive shipments: Compressed March 25–April 10 delivery window points to urgent nearby demand, mildly supportive for prices.
- Port diversification: Volumes split across four ports, led by Izmir, signal broad-based feed demand coverage within Turkey.
Market Update
Turkey’s state grain board (TMO) has purchased around 280,000 tons of feed corn in its March 16 tender, in line with its procurement objectives. Purchase prices were finalized between $248.75 and $261 per ton on an EXW basis, while C&F offers were clustered in a tighter band of $249.75 to $252 per ton, indicating minimal logistics premiums.
Shipments are scheduled between March 25 and April 10, with cargoes arranged in lots of 20,000 to 60,000 tons. The corn will be delivered to four key Turkish ports, with Izmir taking the largest volume, followed by Karasu, Bandirma, and Samsun, ensuring coverage across major consumption regions.
Tender Volumes by Port
| Port | Allocated Volume (tons) |
|---|---|
| Izmir | 100,000 |
| Karasu | 80,000 |
| Bandirma | 70,000 |
| Samsun | 25,000 |
| Total | 280,000 |
Corn Price Benchmarks from TMO Tender
| Pricing Basis | Low Price ($/ton) | High Price ($/ton) | Observed Spread ($/ton) |
|---|---|---|---|
| EXW (Ex-Works) | 248.75 | 261.00 | 12.25 |
| C&F (Cost & Freight) | 249.75 | 252.00 | 2.25 |
| Approx. EXW–C&F Freight Differential | 1.00 | 3.00 | – |
Analysis & Market Sentiment
The tender underlines persistent Turkish demand for feed corn and sets fresh price benchmarks for Black Sea origins. The very narrow gap between EXW and C&F indications (roughly $1–3 per ton) points to competitive freight markets and efficient logistics chains, limiting upside from transport costs.
The compressed shipment window of March 25–April 10 suggests a degree of urgency in Turkey’s nearby feed requirements. This timing, combined with sizeable spot demand, should lend support to regional corn prices into early April, particularly for Black Sea exporters such as Ukraine and Russia. Overall, sentiment is Neutral to Bullish for regional corn values, with confirmed demand and tight delivery timelines offsetting broader macro uncertainties.
Source: Market Data
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