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Corn Prices, Trends & Forecasts: Get the latest insights on price movement and trend analysis of Corn in different regions across the world

Corn is one of the most important cereal crops globally, with the United States being the largest producer and exporter. Fluctuations in corn prices impact many industries worldwide, from food manufacturing to animal feed production and ethanol. Understanding the key price trends and forecasts is crucial for all players in the corn value chain. This blog provides an in-depth analysis of the various factors impacting corn prices across major markets worldwide.

What is Corn?

Corn, also known as maize, is a cereal grain that originated in Mexico. The kernels or seeds of corn are the widely consumed parts and used for various food and industrial purposes. There are different varieties of corn cultivated globally, with yellow dent corn being the most commonly produced for trade.

Corn is rich in carbohydrates and has moderate protein content. It is used for human consumption, as livestock feed, and in the production of ethanol fuel. The Corn Belt in the United States produces over 40% of the world’s harvest. Other major producers include China, Brazil, Argentina, Ukraine, India and Mexico.

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Key Details About the Corn Price Trend

Corn prices have shown significant volatility over the past decade, with the market influenced by a combination of factors:

  • Production Levels: Corn supplies and stockpiles in major producing nations impact prices. Favorable weather leading to bumper crops can depress prices due to oversupply. Adverse weather conditions lowering yield tend to push prices higher.
  • Demand Dynamics: The primary usage of corn is animal feed, followed by ethanol production and human consumption. Rising demand from these sectors leads to price increases, while lower industrial demand can dampen prices.
  • Government Policies: Biofuel mandates, tariffs on trade, stockpiling programs and subsidies for agriculture influence corn price trends in different countries. Policy changes often lead to shifts in supply and demand.
  • Crude Oil Prices: As a feedstock for ethanol, corn prices have a correlation to crude oil. Higher oil prices make ethanol more competitive, raising corn demand. Low oil prices have an opposite impact on corn ethanol economics.
  • US Dollar Exchange Rates: As corn is traded internationally, fluctuations in currency exchange rates impact the relative prices across markets. A weaker dollar makes US corn more competitive, supporting export demand.
  • Speculative Trading: Large investment funds and traders taking positions in corn futures and options contracts can sometimes cause excessive volatility not justified by underlying supply/demand factors.

Key Industrial Uses Impacting the Corn Price Trend

Some of the prominent industrial uses of corn that have an impact on its price trends globally are:

  • Animal Feed: About 60% of corn produced goes into animal feed. Corn is a key ingredient in feed rations for poultry, swine, and cattle. Growth in livestock production directly influences corn demand. Countries like China have massive industrial pig and poultry sectors creating huge feed corn demand.
  • Ethanol Fuel Production: Around 40% of the US corn crop is used for ethanol production due to government biofuel mandates. More use of corn for ethanol manufacture reduces export availability, affecting global corn prices.
  • High Fructose Corn Syrup (HFCS): HFCS is a popular sweetener used in processed foods and beverages. It is produced by wet milling of corn. Rising HFCS use in developing countries increases industrial corn demand.
  • Corn Oil: Corn oil is extracted from the germ during wet milling for use as an edible vegetable oil. Growing food manufacturing contributes to industrial corn oil demand.
  • Corn Starch: Starch is extracted from corn to produce sweeteners, thickeners, and coatings used in processed foods and other industries. More utilization in adhesives, textiles, pharmaceuticals, etc. aid corn prices.
  • Corn Steep Liquor: Corn steep liquor (CSL) has amino acids used as a nitrogen supplement in feed rations and fertilizers. Growth in CSL output supports corn prices.

Key Players Impacting the Corn Market

The global corn market is influenced by the production and trading decisions of some of the following key players:

  • United States: The US is the world’s largest producer and exporter of corn. It accounts for nearly 40% of global corn trade. Decisions on acreage allocation and stockpiles by US farmers have a huge impact on international corn prices.
  • China: China is the second largest producer and consumer of corn. It imports large quantities of corn for domestic use. China’s policies on corn reserves and trade activity significantly affect global markets.
  • Brazil: Brazil is a major exporter of corn to global markets. As the third largest producer, its harvest and exports affect international prices.
  • Ukraine: Ukraine has emerged as a top corn exporter. Its production and ability to export from the Black Sea impact corn trade flows.
  • Argentina: Argentina is a major exporter of corn to international markets. Its crop conditions and export policy influence global corn prices.
  • Top Agribusinesses: Large agribusinesses like Cargill, Louis Dreyfus, ADM, Bunge etc. involved in corn processing, ethanol, and agricultural commodities trade worldwide impact corn prices through their market activities.

Regional Corn Price Trends & Forecasts

Examining corn price trends in key producing and importing regions provides insights into the diverse factors at play across global geographies:

North America:

  • The US corn market is heavily influenced by seasonal supply and demand factors, along with ethanol policy. Prices tend to peak around July/August during the pollination stage and bottom out post-harvest in October/November.
  • A return to trendline yields in the 2022/23 season after the prior year’s drought is expected to depress prices from their peaks. But ethanol demand support and China’s lifting of the ban on US corn imports could aid prices.
  • Canada’s rising corn output to be used in ethanol and livestock feed may weigh on their domestic prices.


  • China’s massive corn imports have supported global prices in 2021/22, but reserves are now abundant domestically. Import demand may fall, depressing global prices.
  • Lower Vietnamese corn imports due to favourable domestic production may also weaken Asian prices.
  • However, rising Indonesian corn demand is forecasted to counterbalance and support Asia prices.


  • Ukraine’s inability to export corn due to the war is forecast to reduce Europe’s corn supply and lead to higher regional prices.
  • The EU’s ethanol production expansion is expected to raise demand and support corn prices.

Latin America

  • Argentina’s improved corn harvest may lower their domestic prices in 2022/23. But drought concerns in Brazil could affect yields and elevate prices.
  • Mexico’s rising corn import demand is projected to counterbalance LATAM dynamics and maintain regional prices.

Middle East/Africa

  • Egypt is forecast to continue high corn imports, while Iran may also increase buying to support domestic food demand – collectively supporting MEA corn prices.
  • South African corn exports are expected to rise, possibly depressing prices within Africa.


In summary, corn prices are influenced by a variety of interconnected, complex factors worldwide. Key drivers include production levels in the major exporting countries, industrial demand growth from ethanol, feed and food manufacturing sectors, and government agriculture policies across regions. Macroeconomic conditions impacting currency markets, crude oil prices, and commodity speculation also contribute to price volatility.

While supply/demand fundamentals point to easing prices in 2022/23, geopolitical risks from the Ukraine war and unpredictable weather events could alter the outlook. Market participants across the corn value chain from producers to traders need to keep a close watch on these regional and global trends to make informed business decisions.

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