The Ukrainian Ministry of Agriculture reported that as of November 24, 2025/26 (starting in July), Ukraine's grain exports totaled 11.62 million tons, a 35.3% decrease compared to the same period last year.

This significant 35.3% year-on-year decrease in Ukrainian grain exports indicates a substantial tightening of supply. As a major global corn exporter, the decline in exports could push up global corn spot prices. Reduced supply will exacerbate market tensions, benefiting the corn spot market, but changes in demand need to be monitored.

Corn starch, a major derivative of corn, is significantly affected by raw material costs. Reduced corn exports leading to tighter supply strengthen cost support, thereby pushing up corn starch spot prices. Market expectations of tight raw material supply are beneficial to the starch market.

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