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.
For the Quarter Ending September 2024
North America
The Corn Syrup market in North America showcased notable momentum during Q3 2024, with the United States emerging as the principal hub of market dynamics. Price negotiations climbed from $583/MT to $600/MT FOB Houston throughout July to September 2024. This market development reflects a complex interaction of industry factors and broader economic indicators.
Strengthened consumption patterns from domestic food & beverage, confectionery, and bakery industries emerged as key market drivers, while logistical constraints created supply-side pressures. The market displayed remarkable resilience despite facing multiple operational challenges, including raw material costs, manufacturing output, weather disruptions, and persistent distribution network disruptions.
The consistent price appreciation across the third quarter, indicates strong market fundamentals and sustained growth momentum. This trajectory aligns with broader regional trends, demonstrating the North American Corn Syrup market's inherent stability despite ongoing supply chain challenges. The combination of heightened regional demand, global supply dynamics, and logistical hurdles has created a complex yet fundamentally strong pricing environment. Domestic producers achieved favorable profit margins during the quarter while successfully maintaining adequate inventory levels and effectively serving the comprehensive regional consumer demand.
APAC
The Corn Syrup market landscape in Asia-Pacific demonstrated significant pricing dynamics in Q3 2024, characterized by a distinct upward trend. China maintained its position as a regional price indicator. The market showed notable price progression, with export valuations rising from $550/MT to $558/MT FOB Qingdao between July and September 2024.
This market strengthening was underpinned by various operational factors and market fundamentals. Demand dynamics were marked by steady procurement from confectionery and beverage sectors, while supply elements were impacted by rising production costs, including raw material expenses and operational overheads. The combination of expanded production capacity and logistical constraints, particularly port congestion, created supply-demand imbalances supporting price appreciation.
Market resilience was demonstrated through continued buyer participation and consistent order patterns. These demand indicators, coupled with operational challenges including freight costs and supply chain complexities, enabled industry participants to maintain healthy margins. China's domestic market remained crucial in establishing regional price trends, influenced by both international procurement patterns and domestic consumption dynamics. The interplay between production capabilities and logistical constraints reinforced the market's upward movement.
Europe
Turkey's corn syrup industry demonstrated resilient pricing dynamics during Q3 2024 despite broader economic challenges. The prices have seen to be increasing from $656/MT to $672/MT FOB Mersin from July to September 2024. While manufacturing activity contracted with PMI falling to 44.3 in September, corn syrup prices showed an upward trajectory driven by elevated production costs and inflationary pressures, which reached 49.4% annually.
The sector successfully implemented price adjustments to offset rising operational expenses, including increased raw material costs and manufacturing overheads. Despite reduced production volumes, reflecting the overall 5.9% decline in industrial production, manufacturers maintained healthy margins through strategic pricing mechanisms. The industry's pricing power remained strong, supported by steady demand from essential food and beverage sectors.
The government's implementation of tighter monetary policies, while challenging for manufacturing operations, inadvertently supported price stability in the corn syrup sector. However, concerns about wage suppression and rising unemployment could impact consumer demand for corn syrup-based products, though current price levels remain well-supported by market fundamentals.
