Ukraine accounted for about two-thirds of China's 2.83 million tonnes of corn imports last year, with the United States making up a quarter.
Ukrainian corn struck a six-month high Monday, reaching $172.50/MT according to S&P Global Platts data, as exports to China and the EU continued to grow, the former -- a big buyer of non-GMO corn -- recently buying a number of cargoes from Ukraine, switching away from a U.S. consignment.
Ukrainian corn has hit five-month highs as buyers seek to replenish stocks on the renewal and expansion of 2018 import licenses, according to S&P Global Platts.
UkrAgroConsult consultancy on Tuesday revised down its forecast for Ukraine's 2017 maize harvest by 2%, to 25.5 million tonnes from the previous outlook of 26 million tonnes due to a yield decrease caused by a poor weather, according to Reuters.
Mounting freight costs for coasters in Russia has pushed more corn sellers to withdraw their offers from the marketplace, prompting Turkish buyers to negotiate further with Ukrainian producers, sources said, according to Platts.