Turkey’s TMO lands 110,000 mt corn via tender at $179-181/mt CIF

Turkey’s grain board, the TMO, has secured over 110,000 mt of corn via tender with prices around $179 to $181/mt, trading sources said Tuesday.

The volumes were divided between eight CIF deliveries across three ports of Bandirma, Izmir and Antalya.

The largest, 25,000 mt of corn for delivery into Bandirma, sold at TL 707.50 by Solaris, equating to around $179/mt, with two additional 12,500 mt cargoes sold by Erser and Cargill into Izmir at $180 and $181/mt. Antalya took four 12,500 mt cargoes from Kulberg at prices around $180/mt.

The completion of the tender comes as the Turkish lira has been battered on international currency markets, as expectations mount that a fraud trial underway in New York could have consequences for the government.

At the present exchange rate TL 707.50 amounts to $178.70/mt, versus a recent peak of .26041 seen on November 19, which would have equated to $184.25/mt.

A source in Turkey said the volumes were likely to come from Russia and Ukraine.