For the Quarter Ending December 2025
Distillers Corn Oil (DCO) Prices in North America
- In United States, the Distillers Corn Oil (DCO) Price Index rose quarter-over-quarter in Q4 2025, influenced by increasing production costs.
- DCO production costs increased in Q4 2025, as the Producer Price Index rose 3.0% year-over-year in November 2025.
- The Consumer Price Index rose 2.7% year-over-year in December 2025, contributing to higher DCO production expenses.
- DCO demand outlook was supported by a 2.0% year-over-year increase in industrial production in December 2025.
- Retail sales increased 3.3% year-over-year in November 2025, bolstering DCO demand in animal feed applications.
- The unemployment rate of 4.4% in December 2025 supported consumer spending, indirectly benefiting DCO demand.
- Record U.S. corn production in 2025 exerted downward pressure on corn prices, stabilizing DCO feedstock costs.
- Overall ethanol inventory increased in late December 2025, influencing Distillers Corn Oil co-product availability.
Why did the price of Distillers Corn Oil (DCO) change in December 2025 in North America?
- Producer input costs for DCO rose; PPI increased 3.0% year-over-year in November 2025.
- CPI rose 2.7% year-over-year in December 2025, increasing DCO production expenses.
- Record U.S. corn production in 2025 stabilized feedstock prices, mitigating cost pressures.
Distillers Corn Oil (DCO) Prices in APAC
- In China, the Distillers Corn Oil (DCO) Price Index fell in Q4 2025 to 1640 USD/MT, reflecting subdued consumer spending and ample corn supplies.
- Domestic corn feedstock costs experienced a mild rebound at the close of 2025, but remained suppressed overall.
- Domestic fuel ethanol demand weakened in 2025, influenced by increasing electric vehicle adoption.
- Animal feed consumption demand remained robust in November 2025, supporting DCO usage.
- Deflationary pressures, indicated by a -1.9% PPI in December 2025, impacted DCO pricing.
- Weak retail sales, up 0.9% in December 2025, suggested subdued consumer spending.
- Biodiesel export volumes collapsed in 2025 following EU anti-dumping duties.
- Ample domestic corn stocks and new season inflows bolstered inventories in Q4 2025.
- Industrial production rose 5.2% in December 2025, indicating stronger industrial activity.
- The Manufacturing Index expanded in December 2025, suggesting growth in industrial output.
Why did the price of Distillers Corn Oil (DCO) change in December 2025 in APAC?
- Subdued consumer spending, with CPI at 0.8% in December 2025, dampened overall demand.
- Deflationary pressures, shown by a -1.9% PPI in December 2025, impacted producer pricing.
- Ample domestic corn supplies and suppressed feedstock costs eased production cost pressures.
Distillers Corn Oil (DCO) Prices in Europe
- In Germany, the Distillers Corn Oil (DCO) Price Index rose in Q4 2025, influenced by rising production costs.
- DCO production costs increased in Q4 2025, driven by an upward trend in nearby CBOT corn futures.
- Elevated industrial electricity prices in Germany in 2025 contributed to higher DCO manufacturing costs.
- DCO demand outlook was supported by growing European biofuels mandates and Germany's GHG reduction requirements in Q4 2025.
- Germany's Manufacturing Index was contracting in December 2025, signaling a slowdown in overall economic activity.
- Consumer confidence declined to -17.5 in December 2025, impacting demand for DCO's end-use applications.
- Retail sales grew by 1.1% in November 2025, indicating stable consumer spending supporting DCO-related end-products.
- Industrial production increased by 0.8% in October 2025, indicating stable underlying demand from the industrial sector.
- The unemployment rate of 6.2% in December 2025 indicated economic headwinds, impacting overall DCO demand.
Why did the price of Distillers Corn Oil (DCO) change in December 2025 in Europe?
- Nearby CBOT corn futures experienced an upward trend in Q4 2025, increasing DCO feedstock costs.
- Industrial electricity prices in Germany remained elevated in 2025, raising DCO operational costs.
- Despite a 2.5% PPI decline, a 1.8% CPI increase in December 2025 impacted DCO operational expenses.
For the Quarter Ending September 2025
Distillers Corn Oil (DCO) Prices in North America
- In the United States, the Distillers Corn Oil (DCO) Price Index remained stable quarter-over-quarter in Q3 2025.
- DCO production costs declined in Q3 2025, driven by robust corn production forecasts and lower corn feedstock costs.
- Animal feed demand for DCO strengthened in Q3 2025, supported by increased broiler production and strong retail sales (5.42% YoY, September 2025).
- Conversely, DCO demand from the biodiesel and renewable diesel sectors softened and weakened during Q3 2025.
- Ethanol production remained stable in Q3 2025, with slight capacity increase, influencing DCO co-product supply.
- Rising Consumer Price Index (3% YoY, September 2025) and Producer Price Index (2.6% YoY, August 2025) indicated increased operational costs for DCO producers.
- A low unemployment rate (4.3%, September 2025) supported consumer spending, while declining consumer confidence (94.2 index, September 2025) posed headwinds.
- Industrial production showed marginal growth (0.1% YoY, September 2025), indicating limited demand pull for DCO in industrial applications.
Why did the price of Distillers Corn Oil (DCO) change in September 2025 in North America?
- DCO production costs decreased due to robust corn production and declining corn feedstock costs in Q3 2025.
- Animal feed demand strengthened, supported by increased broiler production and strong retail sales (5.42% YoY, September 2025).
- Softened biodiesel and weakened renewable diesel demand partially offset positive animal feed market trends.
Distillers Corn Oil (DCO) Prices in APAC
- In China, the Distillers Corn Oil (DCO) Price Index fell quarter-over-quarter in Q3 2025, influenced by producer deflation of -2.3% in September.
- DCO production costs were stable-to-soft in Q3 2025, despite Dalian Commodity Exchange corn futures trending higher August-September.
- Animal feed demand for DCO strengthened in Q3 2025, driven by ongoing swine restocking and expanding livestock industry.
- China's Manufacturing Index contracted in September 2025, indicating reduced industrial activity and lower raw material demand.
- Industrial production expanded 6.5% year-on-year in September 2025, supporting DCO demand for industrial applications.
- Consumer Price Index (CPI) decreased -0.3% in September 2025, reflecting weak consumer demand and bearish consumer confidence.
- Biodiesel exports from China plummeted in 2025 due to EU anti-dumping duties, significantly reducing DCO demand.
Why did the price of Distillers Corn Oil (DCO) change in September 2025 in APAC?
- Persistent producer deflation, with Producer Price Index declining -2.3% in September 2025, exerted downward pressure on DCO prices.
- Contracting Manufacturing Index in September 2025 reduced industrial demand for DCO and related oleochemicals.
- Plummeting biodiesel exports from China in 2025, due to EU duties, significantly curtailed DCO demand.
Distillers Corn Oil (DCO) Prices in Europe
- In Germany, the Distillers Corn Oil (DCO) Price Index remained stable in Q3 2025, balancing subdued feedstock costs and mixed demand.
- DCO production costs rose from strengthening German electricity and elevated European natural gas prices in Q3 2025.
- Lower producer prices, down 1.7% year-over-year in September 2025, partially mitigated DCO cost increases.
- Animal feed demand strengthened in Q3 2025, supported by 0.2% retail sales growth and stable 6.3% unemployment.
- Manufacturing Index contracted in Q3 2025; industrial production declined 1.0% in September 2025, impacting DCO demand.
- European corn feedstock prices remained subdued in September 2025, with maize inventories increasing in major markets.
- Uncertainty regarding German biofuel legislation created cautious DCO demand in Q3 2025, affecting its price forecast.
- Overall inflation, with Consumer Price Index up 2.4% year-over-year in September 2025, increased DCO costs and reduced consumer purchasing.
Why did the price of Distillers Corn Oil (DCO) change in September 2025 in Europe?
- Subdued European corn feedstock prices in September 2025 eased DCO production costs.
- Strengthening German electricity and elevated European natural gas prices in Q3 2025 increased ethanol output costs.
- Increased animal feed demand in Q3 2025, supported by stable unemployment, provided DCO price support.
