For the Quarter Ending September 2025
North America
• In the USA, the Corn Syrup Price Index rose by 1.00% quarter-over-quarter, on tighter inventories.
• The average Corn Syrup price for the quarter was approximately USD 773.00/MT, reflecting domestic demand.
• Corn Syrup Spot Price firmed on feedstock tightness, with the Price Index showing upward bias.
• Corn Syrup Price Forecast signals volatility; Corn Syrup Production Cost Trend remains elevated by corn.
• Corn Syrup Demand Outlook is constructive domestically; export interest increases could support the Price Index.
• Tight inventories mid-quarter and steady export inquiries constrained availability, providing support to the Price Index.
• Manufacturing run rates stable, logistics efficient, keeping Corn Syrup Spot Price volatility contained near seasonal.
• Short-term Price Forecast suggests correction; end-year restocking and seasonal demand could restore Corn Syrup momentum.
Why did the price of Corn Syrup change in September 2025 in North America?
• Tighter inventories and firm domestic procurement reduced available volumes, exerting upward pressure on the Price Index.
• Rising corn feedstock costs increased production cost base, altering the Corn Syrup Production Cost Trend significantly.
• Improved logistics and steady export inquiries supported buying, although tariff uncertainty limited larger transactional commitments.
APAC
• In South Korea, the Corn Syrup Price Index fell by 3.66% quarter-over-quarter, due to ample inventories.
• The average Corn Syrup price for the quarter was USD 552.33/MT, per weekly CFR Busan.
• Corn Syrup Spot Price reflected twelve-week weakening trend as exporters lowered offers amid ample supplies.
• Corn Syrup Price Forecast expects gradual firming with seasonal restocking and controlled supplier inventory withdrawals.
• Corn Syrup Production Cost Trend saw pressure as rising freight partially offset lower feedstock costs.
• Corn Syrup Demand Outlook remains muted as food processors delay purchases amid elevated onshore inventory.
• Corn Syrup Price Index volatility reflected imports and buyer resistance, constraining transactional volumes and offers.
• Export demand softened; local suppliers discounted inventories to clear stock, keeping immediate upward pressure restrained.
Why did the price of Corn Syrup change in September 2025 in APAC?
• Ample import and domestic inventories suppressed buying urgency, motivating suppliers to cut offers and shipments.
• Currency and feedstock shifts reduced landed costs overall, though rising freight partially offset import savings.
• Subdued downstream demand from food processors and cautious restocking kept transactional volumes low across supply chain.
Europe
• In Turkey, the Corn Syrup Price Index fell by 2.21% quarter-over-quarter, due to inventory and weak exports.
• The average Corn Syrup price for the quarter was approximately USD 604.00/MT, reflecting subdued buying.
• Corn Syrup Spot Price posted modest gains amid tightening inventories and cautious food processor procurement.
• Corn Syrup Price Forecast indicates moderate gains from seasonal restocking and improved logistics, limiting volatility.
• Corn Syrup Production Cost Trend rose on higher corn starch feedstock prices and currency depreciation.
• Corn Syrup Demand Outlook remains mixed with domestic restocking offsetting subdued export orders and procurement.
• Rising inventories pressured the Corn Syrup Price Index, while gradual export recovery supported recent firmness.
• Plant maintenance cut output, tightening supplies and underpinning Corn Syrup Spot Price amid weak demand.
Why did the price of Corn Syrup change in September 2025 in Europe?
• Supply overhang from high inventories and softer exports depressed near-term Corn Syrup Price Index performance.
• Elevated corn starch costs and currency depreciation raised production costs, tightening margins and supporting price.
• Higher freight rates and logistics disruptions reduced export competitiveness, weighing on procurement and transactional demand.
MEA
• In South Africa, the Corn Syrup Price Index rose by 0.78% quarter-over-quarter, amid inventory shifts.
• The average Corn Syrup price for the quarter was approximately USD 692.00/MT amid subdued demand.
• Corn Syrup Spot Price edged lower as Price Index reflected softer offers and ample inventories.
• Corn Syrup Price Forecast indicates recovery toward year-end driven by pre-holiday procurement and tightened availability.
• Corn Syrup Production Cost Trend rose abroad, raising landed costs and tempering local pricing momentum.
• Corn Syrup Demand Outlook remains muted near-term as food processors delay restocking amid elevated inventories.
• Corn Syrup Price Index remained stable as CFR Durban arrivals and steady freight supported continuity.
• Export demand weakness and supplier inventory management kept spot discussions range-bound and transactional volumes subdued.
Why did the price of Corn Syrup change in September 2025 in MEA?
• Ample imports and inventory availability reduced urgency, exerting downward pressure on Corn Syrup Price Index.
• Reduced export offers and steady freight lowered landed costs, moderating Corn Syrup Spot Price pressure.
• Weak demand and cautious procurement from food processors kept trade volumes and Price Index subdued.
For the Quarter Ending June 2025
North America
• Corn Syrup Price Index (High Maltose, Food Grade) FOB Houston registered a marginal 0.78% increase in June 2025, extending the bullish trend seen since April.
• Spot Price stood at USD 776/MT in June 2025, marking a continued upward adjustment driven by cost-side pressures and procurement momentum.
• June saw firm pricing supported by higher Corn Starch feedstock costs, strong export demand, and low inventory levels despite stable production.
• May recorded a 2.67% price rise amid regional flooding disruptions, tight stocks, and strong seasonal demand from food and confectionery sectors.
• April saw a sharp price jump as global maize supply tightened, corn costs surged, and major production halts disrupted domestic output.
• Production Cost Trend remained elevated through Q2 due to raw material inflation, especially Corn Starch, and broader energy and labor cost increases.
• Demand Outlook was robust across all three months, backed by strong orders from food and beverage processors, consistent domestic offtake, and export recovery.
• Export Competitiveness improved in April–May as tariff uncertainties eased temporarily, boosting overseas interest before stabilizing in June.
• Inventory Dynamics showed persistently low levels, prompting proactive restocking across the supply chain, especially in May and June.
• A slight decline is anticipated in July 2025 as demand eases post-peak and inventories recover across the domestic market.
Europe
• Corn Syrup Price Index in Turkey declined sharply in June 2025, with prices falling by 7.02% amid persistent inventory pressure and sluggish downstream procurement.
• Spot Price for Corn Syrup (High Maltose, Food Grade) FOB Mersin stood at USD 587/MT, reflecting the lowest level in three months.
• June witnessed a notable price correction as weak export orders, high stockpiles, and slower international demand weighed heavily on market sentiment.
• May saw a moderate 0.95% increase, supported by tight inventories, currency depreciation, and steady demand from food processors and confectionery sectors.
• April experienced a minor price decline due to soft domestic consumption, elevated inflation, and weaker industrial output, despite improved export competitiveness.
• Production Cost Trend remained mixed, with falling domestic corn prices offering some relief, although rising freight and energy costs added pressure in June.
• Demand Outlook was bearish in June due to stock overhangs and cautious downstream buying, reversing the firm offtake seen in May.
• Export Competitiveness weakened in June as overseas orders hit a quarterly low, despite favorable currency exchange rates.
• Inventory Dynamics showed a buildup in June, with post-production inventories rising and fresh purchasing activity slowing across key sectors.
• Price Forecast (July 2025): Prices are expected to increase modestly as suppliers attempt upward revisions amid restocking interest and seasonal consumption recovery.
APAC
• Price Index for Corn Syrup in South Korea declined by 4.27% in June 2025, continuing the downward trajectory from May amid weak demand and inventory overhang.
• Spot Price CFR Busan for Corn Syrup (High Maltose, Food Grade) stood at USD 560/MT, marking the lowest point in Q2.
• June witnessed a sharp price drop due to reduced Chinese export offers, subdued food sector offtake, and favorable Won-dollar exchange movement, despite rising freight.
• May registered a 1.74% price increase supported by higher landed costs, recovery in manufacturing activity, and firm consumption from food and beverage producers.
• April saw a notable surge in prices amid constrained domestic supply, higher maize costs globally, and improving downstream demand from the food and pharma sectors.
• Production Cost Trend declined in June due to falling import prices, although freight inflation added pressure; Q2 average costs were volatile but ended softer.
• Demand Outlook remained sluggish in June, with buyers deferring fresh orders due to high stocks and cautious procurement strategies; consumption outlook improves for July.
• Export Competitiveness improved during June with Chinese suppliers offering aggressive discounts, enhancing import viability for Korean buyers.
• Inventory Dynamics remained high in June, curbing urgency for new procurement; stocks are expected to normalize gradually in Q3.
• Price Forecast (July 2025): Prices are expected to increase moderately as buyers return to market on seasonal cues and replenishment activity revives demand.
MEA
• Price Index in South Africa declined by 0.72% in June 2025, reversing the upward momentum seen in the previous two months as the market faced import-led price softness.
• Spot Price CFR Durban for Corn Syrup (High Maltose, Food Grade) was assessed at USD 685/MT in June, reflecting subdued demand and ample inventory.
• June recorded a marginal price drop driven by reduced export offers from China and Europe, weak food sector consumption, and high domestic stockpiles; favorable ZAR/USD exchange rates further eased landed costs.
• May saw a slight 0.73% increase, supported by elevated freight rates and firmer quotations from Chinese exporters amid global logistics tightness; downstream food and beverage consumption remained moderately positive.
• April prices surged by 3.01% due to constrained local supply, stronger industrial recovery, and higher global maize prices, with additional cost pressure from a depreciated Rand.
• Production Cost Trend softened in June due to cheaper imports and stable corn prices, though rising shipping charges partially offset the benefit.
• Demand Outlook was weak in June, with buyers delaying procurement given sufficient stock and muted offtake from food processing sectors; restocking is anticipated to improve in July.
• Export Competitiveness of Chinese and EU-origin corn syrup improved in June amid aggressive discounting and currency advantages, encouraging higher import volumes.
• Inventory Dynamics remained elevated, limiting fresh orders and prompting suppliers to clear stocks at discounted rates; inventory levels are expected to normalize gradually in Q3.
• Price Forecast (July 2025): Prices are expected to rise modestly as buyers return to the market for seasonal replenishment and import costs begin to firm with stronger freight and renewed demand.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. High Maltose Corn Syrup market experienced a pronounced and continuous price surge, driven by tightening supply conditions and escalating international demand. January began with a sharp +2.5% price increase, fueled by constrained domestic production, aggressive procurement strategies, and soaring export activity amid surging freight rates and widespread port congestion. The tightening supply chain and rising operational costs, alongside strong food-grade demand, reinforced bullish market momentum.
In February, price gains continued as global corn stockpiles reached decade-lows, pushing raw material costs higher. Supply constraints in Brazil and Argentina exacerbated sourcing difficulties, while Mexico’s growing dependence on U.S. maize added export pressure. Plant shutdowns and rising corn starch prices further reduced availability. Concurrently, domestic demand remained strong, with food and beverage manufacturers increasing procurement amid tariff uncertainties, reinforcing price escalation.
March extended the upward trend, with supply remaining tight due to reduced production tied to adverse weather and elevated maize prices. A drop in the U.S. Manufacturing PMI signaled industrial slowdown, but demand persisted, supported by easing inflation and strong consumption across key sectors. International stockpiling ahead of potential trade shifts sustained export momentum, leading to continued price strength. Overall, Q1 was defined by constrained supply, elevated input costs, and firm demand, pushing prices consistently higher across the U.S. Corn Syrup market.
Asia Pacific
In Q1 2025, South Korea’s High Maltose Corn Syrup market exhibited a mixed pricing trajectory, shaped by evolving demand dynamics, shifting import costs, and fluctuating industrial activity. January saw a moderate price increase of 0.89%, supported by robust demand from the food and beverage sector. Strategic inventory management and steady import flows contributed to market balance, while South Korea's active manufacturing base and efficient port logistics further stabilized the supply chain.
February maintained the upward trend with slight price gains, fueled by higher import costs from major exporters like the U.S. and a decline in import volumes that tightened local inventories. While minor currency fluctuations affected pricing, easing inflation supported domestic consumption. Efficient container handling at Busan and Incheon helped mitigate steeper price hikes, and strategic sourcing sustained procurement activity amid modest growth.
However, March marked a significant price drop, reversing earlier gains. A contraction in the Manufacturing PMI and rising unemployment led to reduced offtake, especially in food processing. Concurrently, higher import volumes led to elevated inventory levels, creating an oversupply situation that applied broad downward pressure. Despite streamlined logistics and steady global supply, weakened demand and industrial slowdown shaped a bearish end to the quarter.
Europe
In Q1 2025, Turkey's High Maltose Corn Syrup market displayed modest but shifting pricing trends, reflecting the interplay of stable domestic demand, evolving supply dynamics, and notable currency fluctuations. January began with a restrained price increase of +0.47%, as steady consumption from the food and beverage sectors supported market fundamentals. Turkish importers practiced disciplined inventory control in response to operational costs and seasonal demand fluctuations, while continued lira depreciation against the U.S. dollar subtly raised import costs. Nonetheless, smooth logistics operations at key ports sustained supply flows, keeping the market relatively balanced.
February brought a further slight price increase, underpinned by rising corn starch costs and declining domestic corn output amid government-supported crop diversification programs. Ongoing lira depreciation improved export competitiveness, lifting foreign demand for Turkish-origin material. Although industrial activity remained subdued, easing inflation boosted local consumption, reinforcing market stability.
By March, the market registered a marginal price decline, driven by falling global maize prices and reduced domestic industrial activity. Lower input costs eased production pressures, while weak downstream demand and cautious procurement slowed consumption. Despite continued export support from a weak lira, reduced new orders and a deteriorating PMI weighed on overall market sentiment. The quarter closed with Turkey’s corn syrup market in a cautiously stable position, marked by mild fluctuations and external headwinds.
MEA
In Q1 2025, South Africa's High Maltose Corn Syrup market faced considerable price volatility, driven by fluctuating import costs, shifting industrial activity, and evolving demand patterns. January saw a significant price decline of -7%, as improved supply availability and high inventory levels met with only moderate food sector demand. Distributors maintained cautious stockholding strategies, and stable inflation supported predictable consumer pricing. Despite some currency pressure from the Rand, efficient port operations at Durban and Cape Town ensured steady import flows from key suppliers in the US and Europe.
February marked a reversal, with a slight price increase influenced by rising global corn prices and a 13.5% drop in South African imports, which tightened local inventories. While the Rand remained relatively stable, minor currency shifts contributed to import cost adjustments. Stronger downstream demand from the food and beverage industry, buoyed by stable inflation and a modest uptick in manufacturing activity, sustained the price rebound. Strategic procurement and well-managed logistics helped mitigate more significant cost impacts.
However, March saw renewed downward pressure on prices, as lower global maize and export prices reduced input costs. Despite steady supply continuity, weak manufacturing performance and muted consumer spending led to demand softening and inventory build-up. This reinforced the overall market softness, closing the quarter with a deflationary tilt in South Africa’s corn syrup market.
For the Quarter Ending December 2024
North America
During Q4 2024, the Corn Syrup (High Maltose Food grade) market in North America demonstrated stability throughout the quarter with prices maintaining steady levels. The market experienced balanced conditions driven by consistent demand from food and beverage manufacturers and well-managed supply chains. The supply-demand dynamics remained largely unchanged following the harvest season, as US buyers operated under comfortable supply conditions amid stable production costs and predictable domestic demand patterns.
The quarter saw routine buying activity as food manufacturers maintained regular procurement patterns. Supply chain efficiency played a supportive role, with smooth deliveries and stable logistics costs. Major market participants kept prices unchanged, citing balanced production costs and steady demand fundamentals. The food sector's regular requirements, coupled with predictable demand from beverage manufacturers, contributed to the stable market sentiment.
December witnessed typical trading patterns as year-end activities aligned with adequate spot availability. Domestic suppliers maintained consistent offers, supported by balanced order books and well-managed inventory positions. The market's stability was further reinforced by regular consumption patterns and efficient supply management by key manufacturers, maintaining steady price levels through quarter-end.
APAC
In Q4 2024, Corn Syrup (High Maltose Food grade) prices in APAC markets exhibited a gradual downward trend throughout the quarter, with export prices declining by approximately 2% in China. The market began showing softening signals after the harvest season, as producers managed regular production rates while facing stable manufacturing costs. Post-harvest operations continued with subdued market sentiment, influenced by adequate domestic supply and moderate export inquiries.
Chinese sellers adjusted prices downward, responding to competitive market conditions and sufficient product availability across the quarter. The market witnessed comfortable supply levels as both domestic and international buyers found adequate material. Regional trading activities remained routine as suppliers adapted to the moderate demand fundamentals with systematic price adjustments.
December brought continued downward pressure as manufacturers focused on managing year-end inventories while maintaining competitive price positions. Several facilities reported normal capacity utilization rates amid steady order flows. The combination of sufficient supply conditions, moderate demand patterns, and strategic inventory management by producers contributed to the declining price trajectory. Export markets remained active but price-sensitive, with competitive offers to international buyers contributing to the market's softness.
Europe
In Q4 2024, Corn Syrup (High Maltose Food grade) prices in Germany showed consistent weakness, reflecting regional demand softness and adequate supply availability. The quarter began with bearish market fundamentals as buyers encountered sufficient availability and competitive offers from suppliers. European manufacturers adjusted prices downward, responding to moderate order books and regular production rates.
The bearish sentiment continued through November as food sector demand remained routine. Buyers negotiated lower prices amid comfortable supply conditions and stable production costs. The market witnessed careful purchasing patterns as distributors maintained minimal inventories, while merchants adapted to the declining price environment.
December's market dynamics were characterized by further price depreciation as European distributors operated in a buyer's market. The combination of moderate demand fundamentals, adequate spot availability, and cautious inventory management by buyers maintained downward pressure on prices. While consumption patterns remained steady across food applications, the market's bearish orientation persisted through quarter-end, creating favourable conditions for buyers seeking additional volumes. The sustained price decline reflected broader market fundamentals rather than distressed selling.
