For the Quarter Ending September 2025
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.
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.
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.
