For the Quarter Ending March 2026
Corn-Based DDGS Prices in North America
- In United States, the Corn-Based DDGS Price Index rose quarter-over-quarter in Q1 2026, driven by tightening supply.
- A stable 4.3% unemployment rate in March 2026 sustained consumer meat demand, supporting the Corn-Based DDGS Demand Outlook.
- Consumer confidence reached 91.8 in March 2026, encouraging discretionary protein spending and bolstering feedlot DDGS consumption.
- Domestic Corn-Based DDGS production contracted throughout January and February 2026 as corn consumption for fuel ethanol dropped.
- The Corn-Based DDGS Production Cost Trend rose as March 2026 PPI hit 4.0% alongside January natural gas spikes.
- March 2026 CPI at 3.3% and retail sales growing 4.0% reflected strong fuel and meat purchasing dynamics.
- Industrial production grew 0.7% in March 2026, while the expanding manufacturing index supported broader agricultural processing logistics.
- Despite elevated drying expenses, underlying corn feedstock prices weakened in February 2026 before stabilizing in March 2026.
- The Corn-Based DDGS Price Forecast incorporated tightening supply factors as March 2026 cattle on feed inventories stabilized.
Why did the price of Corn-Based DDGS change in March 2026 in North America?
- Fuel ethanol processing volumes decreased in February 2026, significantly tightening the domestic DDGS co-product availability.
- Elevated March 2026 PPI at 4.0% and January natural gas spikes increased essential drying costs.
- Stable March 2026 cattle inventories and a 4.3% unemployment rate maintained consistent livestock feed demand.
Corn-Based DDGS Prices in APAC
- In China, the Corn-Based DDGS Price Index fell quarter-over-quarter in Q1 2026, driven by weakened feed demand.
- During March 2026, the Consumer Price Index rose 1.0% and Producer Price Index increased 0.5%, impacting Corn-Based DDGS processing.
- In March 2026, Industrial Production grew 5.7% and the Manufacturing Index expanded, increasing Corn-Based DDGS supply availability.
- During March 2026, Retail Sales grew 1.7% and unemployment reached 5.4%, weakening the Corn-Based DDGS Demand Outlook.
- In February 2026, consumer confidence hit 91.6, while Q1 2026 sow inventories decreased, reducing livestock feed requirements.
- In February 2026, South American Corn-Based DDGS import volumes surged following the implementation of new sanitary protocols.
- During Q1 2026, the Corn-Based DDGS Production Cost Trend eased due to improved domestic corn feedstock yields.
- Throughout Q1 2026, the Corn-Based DDGS Price Forecast remained subdued as domestic ethanol production capacity stabilized.
Why did the price of Corn-Based DDGS change in March 2026 in APAC?
- In Q1 2026, domestic corn feedstock output strengthened, increasing the availability of Corn-Based DDGS co-products.
- During Q1 2026, decreasing sow inventories directly reduced the consumption of Corn-Based DDGS animal feed.
- In February 2026, surging South American imports expanded domestic supply, placing downward pressure on prices.
Corn-Based DDGS Prices in Europe
- In Germany, the Corn-Based DDGS Price Index fell quarter-over-quarter in Q1 2026, driven by weakening downstream livestock feed demand.
- Consumer inflation reached 2.7% while retail sales declined 2.0% in March 2026, reducing the Corn-Based DDGS Demand Outlook.
- The 4.0% unemployment rate and -24.7 consumer confidence index in March 2026 further suppressed the Corn-Based DDGS Price Forecast.
- Producer prices dropped 0.2% and the Manufacturing Index contracted in March 2026, influencing the Corn-Based DDGS Production Cost Trend.
- Stagnant 0.0% industrial production in February 2026 limited ethanol run rates, tightening domestic corn inventories throughout Q1 2026.
- Overall swine feed demand weakened in Q1 2026, directly reducing consumption requirements for the Corn-Based DDGS Price Index.
- Natural gas energy costs surged to multi-year highs in March 2026, elevating operational expenses for regional feed producers.
- European Union corn import volumes increased in Q1 2026 to offset lower domestic production and stabilize feed availability.
Why did the price of Corn-Based DDGS change in March 2026 in Europe?
- Weakening swine feed demand in Q1 2026 reduced overall consumption requirements for agricultural feed ingredients.
- Deflationary producer prices in March 2026 lowered baseline production costs for regional ethanol biorefinery operations.
- Declining retail sales in March 2026 reduced downstream meat consumption, negatively impacting livestock profitability margins.
For the Quarter Ending December 2025
Corn-Based DDGS Prices in North America
- In United States, Corn-Based DDGS Price Index rose in Q4 2025, influenced by rising input costs and easing ethanol production.
- Production costs increased, with CPI rising 2.7% year-over-year in December 2025.
- Producer Price Index climbed 3.0% year-over-year in November 2025, indicating higher input costs.
- Demand for Corn-Based DDGS was supported by a 3.3% year-over-year rise in retail sales in November 2025.
- Industrial production increased 2.0% year-over-year in December 2025, reflecting broader economic expansion.
- Ethanol production eased in the week ending December 19, 2025, impacting DDGS supply.
- Livestock Production Index inched up in November 2025, bolstering DDGS demand from animal feed.
- U.S. corn exports increased in December 2025, reflecting robust foreign demand for feedstock.
- Lower LP gas prices in November 2025 offered some relief to DDGS production energy costs.
- The unemployment rate of 4.4% in December 2025 supported consumer spending on animal products.
Why did the price of Corn-Based DDGS change in December 2025 in North America?
- Rising input costs, with CPI up 2.7% YoY in December 2025, pressured DDGS prices upward.
- Easing ethanol production in December 2025, with offline capacity, tightened DDGS supply.
- Strong consumer demand, shown by 3.3% YoY retail sales rise in November 2025, supported DDGS demand.
Corn-Based DDGS Prices in APAC
- In China, Corn-Based DDGS Price Index remained stable in Q4 2025, influenced by mixed macroeconomic signals.
- Production costs for Corn-Based DDGS increased during November-December 2025 due to a mild rebound in domestic corn prices.
- Demand for Corn-Based DDGS was supported by strong animal feed consumption and elevated livestock numbers in November 2025.
- Subdued consumer demand for animal products in December 2025 was indicated by CPI at 0.8% and retail sales at 0.9%.
- Industrial production expanded by 5.2% in December 2025, and the Manufacturing Index expanded.
- Ample domestic corn supply in November 2025, from increased production, reduced urgency for imports.
- China's corn imports surged in December 2025, with Brazilian DDGS entering the market, impacting trade.
- Deflationary pressures at the producer level, with PPI at -1.9% in December 2025, affected market sentiment.
Why did the price of Corn-Based DDGS change in December 2025 in APAC?
- Domestic corn prices saw a mild rebound in December 2025, increasing Corn-Based DDGS production costs.
- Weak consumer spending, with retail sales at 0.9% in December 2025, subdued demand for animal products.
- Surging corn imports and entry of Brazilian DDGS in December 2025 increased overall market supply.
Corn-Based DDGS Prices in Europe
- In Germany, the Corn-Based DDGS Price Index fell quarter-over-quarter in Q4 2025, influenced by a -2.5% decline in producer prices in December 2025.
- Corn-Based DDGS production costs saw mixed trends in Q4 2025, with elevated European corn feedstock prices but declining natural gas costs.
- Demand for Corn-Based DDGS remained stable in Q4 2025, supported by strong EU feed consumption and a 1.8% rise in retail sales.
- Corn-Based DDGS prices are forecast to remain stable into early 2026, balancing lower producer prices with European corn feedstock challenges.
- Record US corn inventories as of December 1, 2025, and potential EU stock-building influenced global supply dynamics.
- European natural gas prices were stable to slightly lowered in Q4 2025, while corn feedstock access remained challenging.
- The agriculture sector maintained resilience in 2025, despite stagnant industrial production at 0.0% growth in October 2025.
- Moderate inflation at 1.8% CPI in December 2025 and a low 3.8% unemployment rate supported consumer purchasing power.
Why did the price of Corn-Based DDGS change in December 2025 in Europe?
- Deflationary producer prices, declining by -2.5% in December 2025, reduced overall production cost pressures.
- Natural gas prices in Germany experienced a significant decline in December 2025, lowering energy inputs.
- Challenging European corn feedstock access in Q4 2025 balanced against stable EU feed consumption.
For the Quarter Ending September 2025
Corn-Based DDGS Prices in North America
- In United States, the Corn-based DDGS Price Index fell quarter-over-quarter in Q3 2025, driven by overwhelming corn supply.
- Corn feedstock costs eased in August 2025, with futures declining sharply, reducing Corn-based DDGS production expenses.
- Industrial Production grew by 0.1% year-over-year in September 2025, indicating constrained growth in DDGS supply.
- Retail sales increased by 5.42% year-over-year in September 2025, supporting firm livestock feed demand for Corn-based DDGS.
- Rising CPI (3.0% YoY in September 2025) and PPI (2.6% YoY in August 2025) increased operational and input costs for producers.
- DDGS export volumes surged in August 2025, partially offsetting domestic supply pressures from robust ethanol production.
- Favorable corn crop conditions and a record 2025 corn crop forecast contributed to overwhelming supply in Q3 2025.
- The unemployment rate of 4.3% and declining Consumer Confidence (94.2) in September 2025 suggested softening animal protein demand.
Why did the price of Corn-based DDGS change in September 2025 in North America?
- Corn feedstock costs eased in August 2025, reducing Corn-based DDGS production expenses.
- Ample old crop corn inventories and a record 2025 corn crop forecast created overwhelming supply.
- Industrial Production growth of 0.1% in September 2025 limited DDGS supply expansion, while demand drivers were mixed.
Corn-Based DDGS Prices in APAC
- In China, Corn-based DDGS Price Index rose in Q3 2025, driven by climbing domestic corn feedstock costs.
- Corn-based DDGS production costs rose steadily in Q3 2025 from higher domestic corn feedstock and marine transport.
- Weak demand signals included a contracting Manufacturing Index, CPI -0.3%, and PPI -2.3% in September 2025.
- Industrial production grew 6.5% and retail sales rose 3.0% in September 2025, offering some demand support.
- Low consumer confidence (89.6) and 5.2% unemployment in September 2025 indicated cautious consumer spending.
- China's Corn-based DDGS imports declined sharply in Q3 2025, reflecting weak domestic demand and rising domestic output.
- The Corn-based DDGS price forecast suggests continued pressure from mixed demand signals and fluctuating feedstock costs.
Why did the price of Corn-based DDGS change in September 2025 in APAC?
- Domestic corn feedstock costs climbed steadily in Q3 2025, increasing production expenses.
- Weak domestic demand, with a contracting Manufacturing Index in September 2025, tempered price increases.
Corn-Based DDGS Prices in Europe
- In Germany, the Corn-based DDGS Price Index rose quarter-over-quarter in Q3 2025, driven by upward corn feedstock costs and tightening supply.
- Corn-based DDGS price trend showed upward pressure due to elevated corn feedstock and energy costs in Q3 2025.
- Production costs for Corn-based DDGS climbed in Q3 2025, influenced by rising corn feedstock prices and increased wholesale electricity costs.
- German animal feed demand is expanding in 2025, supported by rising meat, dairy, and egg consumption, bolstering Corn-based DDGS demand.
- CPI increased 2.4% year-over-year in September 2025, contributing to higher operational costs for Corn-based DDGS producers.
- Producer prices decreased 1.7% year-over-year in September 2025, driven by lower energy prices, easing some production cost pressures.
- Industrial production declined 1.0% year-over-year in September 2025, indicating a weaker economic environment impacting overall demand.
- Retail sales rose 0.2% year-over-year in September 2025, supporting stable consumer spending on animal products and feed demand.
- Lower EU corn harvest outlook for 2025/26 contributed to tightening inventories, impacting Corn-based DDGS supply.
Why did the price of Corn-based DDGS change in September 2025 in Europe?
- Upward corn feedstock costs in Q3 2025 due to reduced EU harvest outlook.
- Elevated wholesale electricity and natural gas prices sustained higher energy costs.
- Tightening EU corn inventories impacted Corn-based DDGS supply dynamics.
