- Turkey’s TMO secured 350,000 tons of feed corn in its February 26 tender, with 300,000 tons drawn from customs warehouse stocks and 50,000 tons sourced via CFR imports.
- Price spread favors imports on cost: domestic EXW warehouse corn was priced at $250.9–$252.7/ton, versus $243.4–$243.9/ton CFR for imported volumes.
- Neutral to slightly bearish signal for Black Sea corn as Turkey covers most needs from existing stocks, limiting fresh spot demand while still confirming buying interest below $244/ton CFR.
- Logistics locked in for late Q1 2025 with 25,000-ton shipment lots scheduled between March 9 and April 6 to six key Turkish ports.
Turkey’s TMO Corn Tender Overview
Turkey’s state food procurement agency TMO finalized a sizeable feed corn tender on February 26, contracting a total of 350,000 tons according to preliminary market operator reports. The structure of the tender shows a strong reliance on corn already positioned within Turkey, with limited incremental demand for new import flows.
Volume Split: Domestic Warehouses vs. Imports
TMO sourced the majority of the tender volume from domestic customs warehouse stocks, indicating ample nearby availability and a preference for rapid drawdown of existing inventories over new seaborne purchases.
| Source | Volume (tons) | Share of Total |
|---|---|---|
| Customs warehouse stocks (EXW) | 300,000 | 86% |
| International suppliers (CFR) | 50,000 | 14% |
| Total | 350,000 | 100% |
Price Structure: EXW vs. CFR
The tender exposed a clear price differential between corn sourced from domestic customs warehouses and imported corn on a CFR basis, with imports trading at a discount but capturing a smaller share of the total volume.
| Supply Type | Basis | Price Range (USD/ton) | Notes |
|---|---|---|---|
| Domestic warehouse stocks | EXW | $250.9 – $252.7 | Existing stocks held in Turkish customs warehouses |
| Imported corn – batch 1 | CFR | $243.4 | International suppliers, seaborne delivery |
| Imported corn – batch 2 | CFR | $243.9 | International suppliers, seaborne delivery |
The $7–9/ton premium paid for EXW warehouse stocks over CFR imports underscores TMO’s emphasis on delivery certainty and immediate availability rather than pure price optimization.
Shipment Schedule and Port Distribution
Delivery terms for the tender are concentrated in late Q1 and early Q2 2025, with standardized shipment lot sizes and distribution across six major Turkish ports, supporting steady inflows and regional balance.
| Parameter | Details |
|---|---|
| Shipment window | March 9 – April 6, 2025 |
| Shipment lot size | 25,000 tons per vessel |
| Destination ports | Bandirma, Mersin, Izmir, Tekirdag, Samsun, Adana |
Market Impact and Price Outlook
From a regional perspective, the tender outcome is neutral to slightly bearish for Black Sea corn. With 86% of volume drawn from Turkey’s customs warehouses, the deal generates limited fresh spot demand for exporters, even as it confirms Turkey’s willingness to buy small volumes below $244/ton CFR. The price premium for domestic stocks reflects logistics security and timing priorities, but does not signal an urgent shortage or accelerating import pull from the Black Sea.
Source: Market Data
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