Corn Prices Ease Slightly as Black Sea Supply Stays Active, EU Basis Holds Firm

Corn prices across key European origins drifted slightly lower to sideways in the week to 24 September 2026, with the most notable movement in Ukrainian values at Odesa, according to a market briefing published by CMB News on 26 September 2026.

Ukrainian corn in yellow feed grade (14.5% max moisture, 98% purity) was quoted at EUR 0.17/kg FCA Odesa, down from EUR 0.18/kg previously, while FOB Odesa values fell to EUR 0.156/kg from EUR 0.159/kg. CPT Odesa corn held steady at EUR 0.154/kg. CMB News attributed the softening to continued strong export flows, noting that "Ukrainian grain exports via the reopened Black Sea routes around Odesa remain active, with the alternative corridor continuing to move sizeable volumes of grains and oilseeds despite ongoing security risks."

In contrast, French yellow corn FOB Paris firmed to EUR 0.27/kg from EUR 0.25/kg previously, with CMB News citing "solid export interest" and noting that "Euronext corn futures for late-2026 delivery are trading around the mid-270 EUR/t range." German feed corn EXW Drentwede edged fractionally lower to EUR 0.299/kg from EUR 0.300/kg. The source described the German market as one of "consolidation rather than a strong correction," with earlier dry-weather-driven tightness having largely been priced in.

CMB News characterised the broader picture as a two-tier market: "internal EU feed users still bid up local corn where freight or quality advantages matter, while coastal consumers arbitrage into cheaper Black Sea origins when logistics permit." The firm French FOB and German EXW levels relative to Ukrainian quotes were cited as evidence of this dynamic.

Brazilian-origin popcorn positioned in Europe, quoted FCA Dordrecht (Netherlands), remained flat at EUR 0.80/kg. CMB News noted no "immediate weather or logistical shock in Brazil strong enough to move export indications sharply within days," with a five-day outlook for southern Brazil's states such as Santa Catarina pointing to "mixed but mostly mild conditions."

Weather conditions across all three origins were described as broadly supportive of continued supply flows. Northern Germany was forecast to see "seasonally cool, largely dry weather into early next week, favouring ongoing harvest and internal logistics." In Ukraine, central and southern regions including Odesa were expected to remain "mostly dry to moderately showery with no major storms in the very near term."

For the three-day outlook, CMB News projected Ukraine sideways to fractionally weaker, Germany slightly softer to sideways, and Brazil stable. The source noted that in Germany "strong feed demand should prevent any sharp break," while in Ukraine "continued active exports and steady Black Sea logistics point to ongoing seller competition."

Source: CMB News Editorial Desk, 26 September 2026, commodity-board.com