For the Quarter Ending September 2025
North America
• In North America, the Liquid Glucose Price Index fell by ~6.0% quarter-over-quarter amid soft food industry demand and ample export availability.
• The average Liquid Glucose price for the quarter was approximately USD 495.00/MT, CFR New Orleans basis (conservative estimate based on export parity and domestic transactions).
• Liquid Glucose Spot Price remained weak as wholesalers and food processors ran down inventories rather than replenish.
• Liquid Glucose Price Forecast points to modest firming into Q4 with seasonal bakery demand and holiday production potentially increasing procurement.
• Liquid Glucose Production Cost Trend improved as domestic maize prices eased and plant utilization rose following maintenance completion.
• Liquid Glucose Demand Outlook is subdued but could firm if foodservice and packaged food restocking accelerates.
• Liquid Glucose Price Index stability reflected steady port throughput, inland trucking capacity, and predictable export logistics, limiting abrupt price moves.
• Major domestic producers continued regular shipments, and competitive export offers kept spot availability ample.
Why did the price of Liquid Glucose change in September 2025 in North America?
• High downstream inventories and muted procurement lowered immediate demand, pressuring spot prices and the Price Index.
• Falling maize prices reduced production costs, enabling exporters and domestic suppliers to offer competitively.
• Smooth port and trucking operations avoided freight-driven cost increases, so market fundamentals (demand/inventory) determined price direction.
APAC
• In Indonesia, the Liquid Glucose Price Index fell by 6.68% quarter-over-quarter, due to weak demand.
• The average Liquid Glucose price for the quarter was approximately USD 489.00/MT, CFR Jakarta basis.
• Liquid Glucose Spot Price remained soft as abundant exports pressured the Price Index, narrowing margins.
• Liquid Glucose Price Forecast points to modest recovery as seasonal buying gradually counterbalances inventory overhang.
• Liquid Glucose Production Cost Trend improved as maize prices fell, enabling competitive export offers abroad.
• Liquid Glucose Demand Outlook remains muted with food and beverage buyers maintaining conservative procurement levels.
• Liquid Glucose Price Index stability reflected smooth logistics and uninterrupted imports, preventing transient supply-driven spikes.
• Major exporters operated steadily, providing ample offers prolonging downward pressure on Indonesia's Price Index nationwide.
Why did the price of Liquid Glucose change in September 2025 in APAC?
• High downstream inventories reduced urgent buying, limiting demand-led price support despite steady import flows nationwide.
• Lower maize prices eased production cost trends, enabling exporters to offer and pressure domestic prices.
• Smooth logistics and stable rupiah prevented logistical premiums, keeping landed costs predictable and suppressing volatility.
Europe
• In Europe, the Liquid Glucose Price Index fell by ~5.5% quarter-over-quarter, pressured by weak industrial demand and competitive import offers.
• The average Liquid Glucose price for the quarter was approximately USD 520.00/MT, CFR Rotterdam basis (conservative estimate reflecting varied regional quotes).
• Liquid Glucose Spot Price remained soft as processors and large bakers deferred restocking and distributors cleared inventories.
• Liquid Glucose Price Forecast points to a gradual recovery into Q4 if seasonal baking demand and confectionery restocking materialize.
• Liquid Glucose Production Cost Trend improved modestly due to lower maize/glucose feedstock imports and moderate energy costs.
• Liquid Glucose Demand Outlook remains muted with food & beverage buyers keeping conservative procurement ahead of year end promotions.
• Liquid Glucose Price Index stability reflected reliable port throughput and inland distribution, which contained short-term supply shocks.
• Major exporters and regional packers supplied ample offers, sustaining downward pressure while logistics kept flows steady.
Why did the price of Liquid Glucose change in September 2025 in Europe?
• Elevated downstream inventories and weak immediate procurement reduced buying urgency, pushing spot offers lower.
• Lower maize/feedstock import costs eased production-cost baselines, allowing suppliers to maintain competitive pricing.
• Efficient port operations and stable EUR freight dynamics prevented landed-cost spikes, so price moves were demand-driven.
For the Quarter Ending June 2025
Asia-Pacific (APAC)
• Liquid Glucose Spot Price in the Indonesian import market showed a marginally bearish trajectory with a Q2 softening trend driven by subdued offtake from the food, beverage and nutraceutical sectors, which operated on a need-only basis throughout the quarter.
• The Liquid Glucose Demand Outlook was conservative in Q2 as downstream buyers relied on earlier inventories. There were no seasonal triggers post-April and most buyers preferred minimal procurement during May and June.
• Import arrivals remained undisrupted and there were no signs of production bottlenecks or shipment delays. The market was well-supplied due to stable production flows from key origins like India which ensured product availability throughout the quarter.
• Comfortable inventory levels from early-quarter stockpiling efforts meant that downstream industries refrained from aggressive replenishment. This inventory overhang played a critical role in flattening price trends in May and June.
• Liquid Glucose prices rose in April 2025 due to seasonal demand linked to warmer temperatures and increased consumption of beverages and desserts. Favorable currency exchange rates also prompted pre-emptive bulk procurement, tightening immediate availability.
• In May, international maize prices dropped, lowering the Liquid Glucose Production Cost Trend in exporting countries like India. This shift translated into reduced import offers for Indonesia, pulling prices further down during the month.
• The Liquid Glucose Price Index for CFR Jakarta averaged USD 520/MT in June 2025, reflecting a 0.38% decline from the previous month due to weak transactional activity.
• Why did the price change in July 2025?
In July 2025, Liquid Glucose Spot Price in Indonesia likely continued its downward correction due to persistent inventory coverage, lack of seasonal demand triggers, and ongoing conservative procurement. The absence of fresh restocking cycles reinforced supplier caution, keeping offers low.
• The Liquid Glucose Price Forecast for Q3 suggests muted momentum unless external triggers like festive demand or feedstock price shifts emerge. Without these, prices are expected to hover in a narrow band or decline further.
North America
• North America's Liquid Glucose market remained balanced in Q2 2025 with a steady supply-demand equation. Food and beverage sector demand was consistent but unspectacular, sustaining moderate transactional activity.
• The Liquid Glucose Production Cost Trend in the U.S. remained under mild pressure due to fluctuations in corn pricing. While costs were not volatile, soft corn prices contributed to stable-to-lower production margins.
• Large downstream buyers adopted just-in-time procurement strategies amid cautious consumer sentiment and limited promotional activity. The Liquid Glucose Demand Outlook remained flat through Q2.
• Exporters to Latin America and Canada maintained competitive pricing but avoided overstocking strategies, helping avoid regional supply glut and supporting a narrow price corridor.
• No supply chain disruptions were recorded across production plants or distribution hubs. On-time dispatches and strong logistics kept the Liquid Glucose Spot Price stable across regional hubs.
• Why did the price change in July 2025?
Liquid Glucose Spot Price in North America in July 2025 likely saw a modest decline as downstream demand stayed flat and corn prices did not offer bullish cost support. With steady availability and cautious buying, pricing momentum weakened.
• Q2 inventories were moderately stocked, with producers aligning output to order books to avoid surplus. No aggressive destocking was observed, but forward buying remained absent.
• While exact figures are not available, the Liquid Glucose Price Index for June 2025 in North America ranged around USD 530–550/MT, reflecting a neutral to mildly bearish trend.
• The Liquid Glucose Price Forecast for Q3 2025 points to mild downward bias, unless supported by rising ethanol demand or corn cost inflation, which could impact syrup derivatives.
Europe
• In Europe, the Liquid Glucose Demand Outlook from bakery and dairy sectors showed seasonal uplift in April, followed by a softening trend through May and June as weather normalized and macroeconomic uncertainty returned.
• European starch processors benefited from cheaper maize and wheat supplies, mirroring global agricultural trends. This eased the Liquid Glucose Production Cost Trend and encouraged competitive domestic pricing.
• European buyers leaned more on domestic supply due to favourable euro-zone pricing and avoided higher-cost Asian imports. This preference stabilized Liquid Glucose Spot Prices locally.
• Production units in France, Germany, and the Netherlands operated without disruptions, allowing exporters to maintain contractual volumes across the EU and neighbouring markets.
• Why did the price change in July 2025?
The Liquid Glucose Spot Price in Europe likely saw a mild decline in July 2025 due to stabilized feedstock pricing, inventory sufficiency, and weak summer beverage demand. Sellers avoided aggressive price hikes amid neutral restocking.
• Buyers showed minimal appetite for long-term deals, focusing on monthly procurement. Strategic inventory planning limited bulk deals and contributed to muted price momentum.
• The Liquid Glucose Price Index in Europe for June 2025 is estimated at USD 540–555/MT, staying mostly rangebound through the quarter.
• The Liquid Glucose Price Forecast for Q3 remains sideways to slightly bearish, with any upward shift contingent on maize cost inflation or sudden demand from industrial sweetener applications.
• European exporters did not report capacity constraints or oversupply, and thus avoided steep discounts. However, competitive pricing pressure from Asia was noticeable in Mediterranean and Eastern European destinations.
For the Quarter Ending March 2025
North America
During Q1 2025, Liquid Glucose prices in the U.S. experienced significant fluctuations due to supply chain disruptions, demand variability, and trade policy shifts. In January, prices initially rose as manufacturers increased procurement in anticipation of potential tariff changes and shipping delays. This surge was further exacerbated by rising energy costs and port congestion, particularly at key U.S. entry points like Los Angeles, which strained supply chains and drove up operational costs.
In February, prices declined as Indian suppliers increased production to meet global demand, easing some of the supply pressures. Freight rates across the Pacific also dropped, improving the flow of goods into the U.S. Additionally, demand weakened due to ongoing economic uncertainty and the effects of earlier stockpiling, which led to a reduction in fresh purchases. This combination of increased supply and softer demand led to a decrease in prices during the month.
As the quarter progressed into March, a slight uptick in prices was observed, driven by renewed buying activity ahead of anticipated tariff actions on imports. Concerns about potential supply chain disruptions, along with a slight improvement in consumer inflation and purchasing sentiment, contributed to this mild price increase.
Overall, Q1 2025 presented a volatile market for Liquid Glucose in the U.S., with prices shaped by fluctuating demand, trade policy uncertainties, and logistical challenges, while Indian suppliers played a crucial role in stabilizing the supply chain.
Asia Pacific
In Q1 2025, Indonesia’s liquid glucose market experienced notable price fluctuations. In January, prices surged significantly due to strong demand from key sectors like food, beverage, and pharmaceuticals. Consumer optimism, supported by lower inflation rates, and Indonesia's central bank's rate cut, which boosted market sentiment, contributed to the price increase. However, February saw a decline in liquid glucose prices driven by weakened demand and broader economic concerns, including global trade uncertainties and the rupiah’s depreciation against the USD, which raised import costs. Additionally, lower prices in India, a key supplier, further pressured the market. In March, prices rebounded sharply due to seasonal demand ahead of the Eid al-Fitr celebrations, which led to higher consumption of processed foods and confectionery. The depreciation of the rupiah continued to increase the cost of imports, reinforcing the upward price trend. Furthermore, rising costs of corn starch in India contributed to tighter margins and higher import prices for Indonesia. Overall, while economic uncertainty impacted prices, seasonal demand and trade dynamics provided upward momentum by the end of the quarter.
Europe
In Q1 2025, Liquid Glucose prices in Europe experienced notable fluctuations driven by a combination of supply conditions, demand trends, and external factors. January saw a moderate price increase, supported by improving economic sentiment across key European markets, which boosted demand from the food and beverage sector. Early stockpiling in anticipation of supply chain disruptions, combined with seasonal factors, further pressured prices upward as manufacturers sought to secure inventories.
However, February saw a price decline as the market stabilized. Ample supply from Indian producers and relatively weak demand led to less urgency for new orders, resulting in price relief. The appreciation of the Euro against the US Dollar, coupled with a reduction in freight rates, allowed for more cost-effective imports from India, which contributed to an inventory buildup and eased supply constraints. By March, prices began to rise again as supply constraints intensified. Port congestion and labor disruptions across major European ports affected shipments, reducing the flow of Liquid Glucose into the market. This led to renewed restocking activity, and as confidence in the food and beverage sectors improved, demand picked up, contributing to a price recovery.
By the end of Q1, Liquid Glucose prices had shown a moderate upward trend, with a more optimistic outlook for the upcoming months as demand and supply conditions tightened, signaling potential further price increases.
For the Quarter Ending December 2024
North America
In Q4 2024, Liquid Glucose prices in the USA experienced considerable volatility, shaped by a mix of demand, supply chain disruptions, and economic factors. In October, prices spiked due to heightened demand from critical sectors, bolstered by improved consumer confidence following Federal Reserve rate cuts. However, severe supply chain disruptions, particularly from labor strikes at East and Gulf Coast ports, exacerbated the price surge.
November continued this upward trend, with strong consumer outlook and seasonal demand driving higher prices. Concerns over potential labor strikes in January prompted proactive purchasing, further intensifying demand. But by December, Liquid Glucose prices started to decline, as consumer confidence waned and demand slowed during the holiday season. The impact of rising inflation added to the downward pressure, though inventory buildup in anticipation of the Chinese Lunar New Year and labor strikes helped keep supply levels balanced. The uncertainty surrounding potential tariff changes also dampened market activity, causing many buyers to adopt a wait-and-see approach.
Overall, Q4 2024 saw a rollercoaster of Liquid Glucose prices, driven by strong demand early in the quarter, followed by caution and reduced buying activity towards the end.
Asia Pacific
In Q4 2024, Liquid Glucose prices in India experienced fluctuations influenced by various market and economic factors. October saw a significant price increase, driven by strong export demand from regions such as Asia, Europe, and the US, coupled with inflationary pressures on input costs, including labor, freight, and materials. A rise in corn prices, fueled by festive season demand and supply chain disruptions, further contributed to the price surge.
In November, the upward trend continued with a moderate price increase, supported by consistent demand from the food and beverage sectors, especially during the wedding season. Export orders were bolstered by a weaker Indian Rupee (INR), while rising production costs kept pushing prices upward. However, December brought a reversal, with prices declining due to slower manufacturing growth and weaker demand from key sectors, particularly food and beverage. Easing inflationary pressures, along with the clearance of old inventories at discounted rates, helped lower prices. Additionally, falling corn prices and resolving supply chain issues further reinforced the downward trend in the market.
Overall, the market experienced a period of volatility throughout Q4 2024, with price increases in October and November followed by a decline in December, driven by shifting demand, supply chain dynamics, and inflationary pressures.
Europe
In Q4 2024, Liquid Glucose prices in Germany exhibited a mixed pattern, influenced by a range of demand and supply factors. October experienced a slight price increase, driven by improved business sentiment and optimism surrounding economic recovery, further supported by the European Central Bank’s interest rate cut. Suppliers proactively built up inventories in anticipation of the holiday slowdown, while supply chain challenges, including port congestion and extended transit times, placed upward pressure on prices. November saw continued price increases, fueled by strong demand from the food, pharmaceutical, and healthcare industries. The holiday season prompted further inventory stockpiling, and freight rates increased following General Rate Increases (GRIs) on Asia-Europe shipping routes. However, the depreciation of the euro led to higher costs for German buyers, adding to the price pressures. By December, prices began to drop as demand softened from key sectors, with cautious purchasing behavior amid economic uncertainties. The presence of ample inventories helped balance supply, while winter weather conditions further dampened consumer spending and logistics activity. This combination of factors led to deferred buying decisions and a reduction in overall market activity, driving prices lower. Overall, the quarter was marked by fluctuations in Liquid Glucose prices in Germany, with price increases in October and November followed by a decline in December, driven by varying demand, supply chain dynamics, and economic pressures.
