Up to 500,000 tons of corn accumulated in railcars on approaches to ports — Spike Brokers

More than 500,000 tons of corn have been accumulated in railcars on approaches to Ukrainian seaports, creating a supply buffer for 5–10 days while simultaneously restraining buyer activity on the export market, according to analysts at Spike Brokers.

“Ukrainian corn has started to lose competitiveness on foreign markets due to high price levels. An additional restraining factor for buyers is the accumulation of over 500,000 tons of corn in railcars on approaches to ports, which creates a 5–10-day supply buffer,” the statement said.

Ukrzaliznytsia confirmed to Latifundist.com that around 9,500 railcars loaded with grain are currently heading to ports. With an average load of 67 tons per railcar, this corresponds to approximately 636,500 tons of grain. While the company did not specify the exact grain mix in the railcars, it noted that the estimate of 500,000 tons being corn appears reasonable, given that the peak export season for corn is currently underway.

Despite logistical congestion, corn exports in January 2026 increased to 2.693 million tons, up by 520,000 tons from December. At the same time, shipments over the October–January period totalled 6.892 million tons, which brokers estimate remains insufficient for a balanced season.

If current export rates persist, there is a risk of significant carryover stocks forming by the end of the season—at around 5 million tons—unless export activity accelerates, Spike Brokers added.