Maize (Corn) Prices

Maize (Corn) Prices December 2023

The cost of maize in the South Korea for Q4 2023 reached 325 USD/MT in December. The market faced challenges due to fluctuating demand and tight global supply. Despite an initial price drop, the market rebounded by mid-November, driven by high demand in the livestock sector and growing industrial applications. Changes in worldwide weather patterns and increasing global shipping prices also had an impact on the cost of maize in the region.

The price trend for maize in Europe reached 235 USD/MT in December 2023. During Q4 2023, the market saw price fluctuations driven by abundant supply from Ukraine and increased competition among exporters. However, rising manufacturing costs and robust demand from regions including North Africa led to a mid-quarter price surge, with the market stabilizing by the end of the year amid logistical adjustments and supply chain realignments.

The price trend for maize in Brazil for Q4 2023 reached 240 USD/MT in December. The market in the country experienced continuous price hikes due to drought and logistical challenges. The Brazilian real's strengthening versus the US dollar made exports more expensive, while disruptions in global shipping routes added uncertainty. Many farmers withheld sales, expecting further high cost, contributing to ongoing market volatility and rising maize prices.

Maize (Corn) Price Trend, Market Analysis, and News

IMARC's latest publication, “Maize (Corn) Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the maize market, providing insights into both global and regional trends that are shaping prices. This report delves into spot prices at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed maize price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting maize pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting. 

Maize (Corn) Market Analysis

The global maize market size reached 1.26 Billion tonnes in 2023. By 2032, IMARC Group expects the market to reach 1.63 Billion tonnes, at a projected CAGR of 2.90% during 2023-2032.

• Agricultural policies and subsidies, which are administered by most governments around the world, also affect both maize production and trade patterns, thus influencing the market’s equilibrium.
• Moreover, the changing climatic conditions, including the pattern of rainfall and the sudden increase or dip of temperatures is acting as another crucial factor in the market growth. These factors are substantial in deciding the crop’s yields, determining supply levels and market prices.
• Government regulations and policies related to food safety, environmental protection, and genetically modified organisms (GMOs) also shape the maize market landscape.
• In addition to this, technological concerns are another crucial factor since agricultural practices such as genetically engineered crops and precision farming have become more popular. These practices have a consistent impact on productivity growth and efficiency improvements in maize farming.
• In line with this, the market demand is influenced by increase in population growth and disposable income, shifts in diets, and surging use of maize as biofuel and animal feeding.
• Moreover, escalating trade activities is a quintessential factor because the movement of maize across borders is conducive to understanding the world market dynamics of maize production and trade.
• Another factor is the most comprehensive and impacts all areas and all fields of an economy is that of the macroeconomic impact.
• Growing tensions or conflicts in the maize-producing regions will disrupt operations and create price changes, which is providing a considerable thrust to the market growth.
• Additionally, shifts in consumer trends may indicate a choice for foods and other grains over maize, which is propelling the market growth.
• Fossil energy source costs may influence the cost of gasoline and transport, further influencing the market growth.
• Land use negatively impacts maize production, as maize lands are used for different requirements, like construction or agriculture.
• Consumer awareness and activism regarding issues such as sustainable farming practices and fair-trade influence purchasing decisions and market trends.
• Furthermore, market speculation and investor sentiment can lead to short-term fluctuations in maize prices, impacting market participants' behavior and strategies.

Maize (Corn) News

The report covers the latest developments, updates, and trends impacting the global maize market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the maize price trend.

Latest developments in the maize industry:

• In 2023, Cargill and Solidaridad announced a strategic global partnership across five countries to improve farmer livelihoods, improve conservation and responsible land use, and increase use of climate-friendly farming practices. The three year, USD 4.6 million program marks a new level of collaboration between the organizations that will reach an estimated 3,400 farmers in Latin America and Asia.
• In 2023, ADM launched Knwble Grwn brand to provide consumers wholesome, plant-based food ingredients that are sustainably sourced. Knwble Grwn products are produced by small or underrepresented farmers using regenerative agricultural practices that help to protect the environment.

Product Description

Maize, also known as corn, is one of the most widely cultivated cereal crops globally, with a rich history dating back thousands of years. Originating from Central America, maize has become a staple food in many parts of the world, serving as a vital source of nutrition, feed for livestock, and raw material for various industrial applications. Its versatility and adaptability have contributed to its widespread cultivation across diverse climates and ecosystems.

The maize kernel, or seed, is the edible part of the plant and is rich in carbohydrates, dietary fiber, vitamins, and minerals. It comes in various colors, including yellow, white, and blue, each offering unique flavor profiles and nutritional compositions. Maize kernels can be consumed fresh, dried, or processed into a multitude of food products, including flour, meal, grits, cornstarch, and corn syrup.

In addition to its significance as a food crop, maize plays a crucial role in livestock feed production. Maize grains are commonly used as a primary ingredient in animal feed formulations due to their high energy content and digestibility. Furthermore, maize by-products such as corn gluten feed and distillers' grains are valuable sources of protein and nutrients for livestock, contributing to the efficiency and sustainability of meat and dairy production systems.

Regional Coverage

The report provides a detailed analysis of the maize market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the maize price trend.

Global Maize (Corn) Price

The report offers a holistic view of the global maize pricing trends in the form of maize price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into maize historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into maize price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed maize demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Maize (Corn) Price

The European maize market saw a downtrend, influenced by the plentiful supply from major exporters like Ukraine, following the Black Sea Grain Initiative. This increase in accessibility led to reduced prices as sellers competed aggressively. The restart of Ukrainian exports eased worldwide corn prices and bolstered market confidence. However, by mid-quarter, a shift occurred because of robust demand from regions such as North Africa and Asia-Pacific, alongside rising production costs influenced by fuel and fertilizer price hikes. Increased export quotations and freight prices further sustained high maize costs. Importing nations like Italy saw a price dip initially due to an oversupply but later saw modest price stabilization as stakeholders adjusted supply chain strategies.

This analysis can be extended to include detailed maize price information for a comprehensive list of countries.

North America Maize (Corn) Price

In late 2023, the North American market saw an initial price dip before stabilizing as the year-end approached. Factors contributing to the market dynamics included decreased export expectations and forecasts of increased global output. However, dry weather conditions in certain USA regions during November caused concerns over potential yield reductions, raising production costs and reducing crop yields due to heightened susceptibility to pests and diseases. Additionally, ongoing weather issues in South America shifted demand towards USA corn, supporting a late-quarter price surge.

Specific maize historical data within the United States and Canada can also be provided.

Middle East and Africa Maize (Corn) Price

The report explores the maize pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on maize prices for countries can also be provided.

Asia Pacific Maize (Corn) Price

During Q4 2023, the Asia Pacific maize market experienced varied conditions across different countries. In China, an increase in corn supply after the National Day holiday was met with reduced demand from the livestock sector due to African swine fever, resulting in lower costs. Farmers aimed to reduce their stock levels amidst weakening demand for feed ingredients. Additionally, maize costs in South Korea saw a late-quarter recovery driven by rising utilization in the livestock sector and increased industrial applications. Additionally, variations in global shipping prices and currency exchange rates had an effect on the prices of maize brought from abroad.

This maize price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Maize (Corn) Price

In Latin America, the maize market saw constant cost hikes throughout late 2023, driven by drought in situations Brazil and Argentina that affected yields. The high export prices prompted some harvesters to pivot to different crops. Logistical challenges and transportation issues further contributed to market volatility, disrupting the supply chain. The trade conflicts affecting global shipping routes added to the uncertainty, influencing regional market dynamics. As a result, many farmers had back to sell their harvests, anticipating future cost increases, while rising manufacturing prices also put additional upward pressure on maize prices.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of maize pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting maize price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the maize industry.