North Korea grain prices dip from record highs but remain near all-time peaks

Grain prices in North Korean markets fell slightly in the third week of June 2026 after hitting all-time highs earlier in the month, as early harvests of potatoes, wheat, and barley began to come in — but limited market supply of those crops is keeping the price decline modest, Daily NK’s regular market price survey has found.

According to the survey, the price of one kilogram of rice at a Pyongyang market stood at 38,200 North Korean won as of June 21, down 0.8% from 38,500 won two weeks earlier on June 7. Rice prices at markets in Sinuiju, North Pyongan province, and Hyesan, Ryanggang province, were 38,100 won and 38,400 won per kilogram respectively on the same date, each down roughly 1% to 1.3% from the prior survey. Despite the slight declines, rice prices remain in the 38,000-won range, near all-time highs.

Corn prices fell by a somewhat larger margin. One kilogram of corn traded at 13,200 won at a Pyongyang market on June 21, down 3.6% from 13,700 won on June 7. The decline in Sinuiju was similar, while Hyesan saw a steeper drop of 4.3%. Even so, corn prices remain in the 13,000-won range, also near record levels.

The modest easing in corn prices appears to be linked to the start of early potato, wheat, and barley harvests, which provide some substitute supply. However, those crops have not yet entered the market in volume, limiting the extent of any price relief.

Yuan rises as smuggling expectations build

Foreign currency exchange rates showed a divergence between the U.S. dollar and the Chinese yuan. The won-dollar rate at Pyongyang markets on June 21 was 63,100 won per dollar, down 3.2% from 65,200 won on June 7. Similar declines were recorded in Sinuiju and Hyesan. The won-yuan rate, meanwhile, moved in the opposite direction: in Pyongyang, Sinuiju, and Hyesan alike, the yuan rate rose by 10.2% over the same two-week period.

The divergence between dollar and yuan exchange rate movements appears to reflect differing demand dynamics by currency as expectations of expanded North Korea–China trade grow. The yuan’s rise in particular is understood to reflect rising expectations along the border that cross-border smuggling activity may be resuming as North Korea–China relations warm. Anticipation that informal trade will pick up appears to have driven a temporary surge in demand for yuan as traders position themselves in advance. Whether that demand will be sustained is uncertain, however, given that border controls remain in place and China has shown signs of tightening its own export regulations on North Korea-bound goods.

Fuel prices also moved downward after the rice transplanting season wound down, reducing demand for agricultural machinery. The average price of gasoline across Pyongyang, Sinuiju, and Hyesan markets on June 21 was 90,333 North Korean won per kilogram, down 0.9% from the prior survey. Diesel, used primarily in farm machinery, fell more sharply, averaging 82,433 won per kilogram across the same three markets, a decline of 4.5%.

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