For the Quarter Ending June 2023
North America
Across the North American region, primarily in the United States, the market of Maize followed the market trends of APAC throughout the second quarter of 2023. Maize prices continued to decline from the first quarter of 2023 to June 2023. This continued weaker market sentiment for Maize was driven by higher stockpiles, ample supply from Europe buyers, Russia's suspension of black sea grain trade which continued to weigh on the market, as exports from one of the major producers, Ukraine, decreased. There was also a sharp downswing in crude oil prices, which in turn drove down Russian edible oil and grain offers, which in turn weighed heavily on Corn, soybeans and wheat prices. Rising interest rates, coupled with higher energy prices, had a negative effect on import activities as production in exporting countries decreased significantly. In addition, Corn prices in North America, especially in the United States, declined by more than 3% in June. International coarse grain quotations for the United States dropped by 3.4%. Much of the decrease was due to increased maize supplies from ongoing harvests in Argentina and Brazil. The rise in corn and soybeans production in Argentina and Brazil has impacted Corn and soybean prices in the United States because farmers now have more ways to sell their crops at a lower priced but the demand from foreign market continued to remain low. With this the prices of Corn across the Untied States were assembled at USD 270/MT FOB Los Angeles.
Asia Pacific
Across the APAC region, Maize prices showcased a depreciating price trajectory across China, one of the major importing countries. With the commencement of April 2023, the prices of Maize dropped stably compared to the previous month as several traders stated that there has been sufficient high-quality corn surplus in North China and other regions. Also, consistent a lack of demand for from both the domestic and overseas market kept the prices of Maize on the south side. Moreover, Corn domestic prices are down by 3% as May concludes. A number of traders turned their attention to new wheat, resulting in a decrease in the trade volume of the corn market in China. The arrival of Corn at the Chinese ports and downstream deep processing enterprises also remained low. Which further supported the downward price trend of Corn until the final week of June. The consumption of Corn in the end-user sectors was also seen at lower levels. Additionally, the world's largest corn importer, may continue to reduce its imports from the US because of Brazil's lower prices and weaker exporting activity. This has kept the fundamentals of the corn market on the downside. However, according to the market analyst, the corn market continued to decline for almost 5 months, with a drop of more than 5.4% from January to June. Also, the China's consumer prices unexpectedly declined in June of 2023, defying market expectations and following May's rise of 0.2%. The country's exports fell 12 percent in June in dollar terms from a year ago, according to the customs administration, while imports contracted 6.8 percent, steeper than the expected 4.0 percent decline and the 4.5 percent drop in May. With this, the prices of Maize in China were assembled at USD 380/MT Ex Shandong with a consistent diminishing trend.
Europe
Maize prices continued to be on the weaker side until the middled of the second quarter but improved considerably in June. Lacklustre international demand and strong competition from Argentina and Brazil weighed on export premiums of grains which in turn affected the overall market trend for this quarter. As the second half of Q2 draws to a close, a few market analysts say that Maize prices continued to decline amid high global exportable supplies. Overall, the prices of Mazie decreased by over 3 percent during the month of May. Apart from that, according to the Food Price Index of the Food and Agriculture Organization of the United Nations (FAO), which tracks monthly changes in global prices of widely traded food commodities. The FAO's Food Price Index showed that inflation was 122.3% in June, down 1.4% from May and down 23.4% from its peak in March 2022. As a result, Maize prices in France closed at $260 / MT FOB Marseille in France, demonstrating an increment of 4 percent. However, this significant increase in Maize prices was balanced with overall inquiries present among the market participants.
South America
The maize market in South America, particularly in Argentina and Brazil, showed a declining trend as prices decreased throughout Q2 2023. Through the second Quarter, maize prices decreased seasonally as supplies from previous harvests became available with weaker demand from the world market. Argentina, one of the world's largest agricultural suppliers, was affected by drought in April, which affected the country's Corn, wheat, and Maize production exports to Africa and Asia. After mid-Q2 2023, the entities cautioned about the reasons for the decline in grain supply and the increased availability of new harvest grains due to the harvest season. The weakening of foreign currency during this month also impacted the overall market trend of all the food commoditized both domestically and in the foreign market. As the month progressed into June, the prices continued to drop significantly across the domestic market. Overall stocks of Corn continue to rise in June as Ukraine continues to resist expectations for crop production and as South America recovers from its weather woes during this month. With this, Maize prices in June ended at USD 210 / MT FOB Buenos Aires, demonstrating a decline of more than 15 percent.
For the Quarter Ending March 2023
North America
The price of Maize (corn) in North America decreased throughout the first quarter of 2023, with assistance from the market's erratic supply and demand dynamics. Due to the relaxation of the situation in Ukraine, the cost of different agricultural products, including corn, has been reduced. Due to the simplicity of the supply chain, prices fell throughout the first half of Q1 in 2023. Due to the ease of supply chain disruptions and dependable transportation, both of which contribute to reduced economic inflation, there was already a little easing on agricultural items before the conflict. Due to marginally better crop conditions in the US, seasonal supply in Argentina, and the impending start of Brazil's primary Maize season, prices declined at the beginning of the second month of Q4. Towards the end of Q1 2023, the price of Maize (Corn) was recorded to be USD 305/MT FOB Los Angeles, USA, in March 2023.
Asia Pacific
Prices for Maize (corn) varied throughout the first quarter of 2023 in Asia Pacific countries due to uncertain market dynamics. The arrangement resulted in price hikes in China during the first part of Q1 because supplies from Ukraine, the world's fourth-largest producer of Maize (corn), were delayed because of Russia's invasion. Fighting has disrupted the sowing season and made many questions Ukraine's dependability as a supplier. The majority of India's supplies come from Russia, and Ukraine has been a large buyer of Ukrainian grain. Due to sufficient supplies on the domestic market, prices in India began to decline in the second month of the first quarter. Towards the end of Q1 2023, the price of Maize (Corn) was recorded to be USD 404/MT Ex Shandong China in March 2023.
Europe
Due to unstable market dynamics, Maize (corn) prices varied throughout Europe's first quarter of 2023. Corn, which just had a price boost, in part because of the situation in Ukraine, was one of many agricultural products that saw price hikes in the first half of Q1. Agricultural items already experienced some price pressure prior to the conflict due to supply chain disruptions and high transportation costs, both of which contribute to overall economic inflation. Prices dropped when Q1's second month began due to slightly better crop conditions in the US, a seasonal supply in Argentina, and the anticipated start of Brazil's main Maize (corn) harvest. Prices increased in the last month of the quarter as a result of the war situation and the tight supply. Towards the end of Q1 2023, the price of Maize (Corn) was recorded to be USD 285/MT for FOB Marseille, France, in March 2023.
For the Quarter Ending December 2022
North America
The price of Maize (Corn) in North America has been changing throughout the fourth quarter of 2022, with support coming from the market's irregular demand and supply dynamics. The price of various agricultural products, including corn, has recently increased, partly because of the situation in Ukraine. Prices were rising during the first half of Q4. Even prior to the conflict, there was some upward pressure on agricultural products due to supply chain interruptions and high transportation costs, both of which are contributors to overall economic inflation. Prices decreased at the beginning of the second month of Q4 due to somewhat better crop conditions in the US, seasonal supplies in Argentina, and the upcoming start of Brazil's main Maize (Corn) harvest. Towards the end of Q4 2022, the price of Maize (Corn) was recorded to be USD 325/MT FOB Los Angeles, USA, in December 2022.
Asia Pacific
Due to unstable market dynamics, Maize (Corn) prices in Asia Pacific nations fluctuate throughout 2022's fourth quarter. Because shipments from Ukraine, the fourth-largest producer of Maize (Corn) in the world, were delayed because of Russia's invasion, the arrangement led to price increases in India during the first half of Q4. Fighting has made people unsure about Ukraine's reliability as a supplier and interfered with the spring sowing season. India gets most of its commodities from Russia, and Ukraine has been a significant importer of Ukrainian corn. India started the fourth quarter with prices falling in the second month because of adequate supplies on the domestic market. Towards the end of Q4 2022, the price of Maize (Corn) was recorded to be USD 402/MT Ex Shandong China in December 2022.
Europe
In Europe, the price of Maize (Corn) is fluctuating throughout the Q4 of 2022 due to instability in market dynamics. Several agricultural items had price increases in the first half of Q4, including corn, which has recently seen a price hike due to the Ukraine situation. Due to supply chain disruptions and high transportation costs, which both contribute to general economic inflation, agricultural products already faced some upward pressure before the conflict. Due to somewhat improved crop conditions in the US, a seasonal supply in Argentina, and the impending start of Brazil's main maize (corn) harvest, prices decreased as Q4's second month got underway. Due to the war issue and the limited supply, prices rose in the final month of the quarter. Towards the end of Q4 2022, the price of Maize (Corn) was recorded to be USD 305/MT for FOB Marseille, France in December 2022.
For the Quarter Ending September 2022
North America
In North America, the price of Maize is fluctuating throughout the Q3 of 2022, and support comes from the erratic buying and supply trends in the local market. As corn is just one of several agricultural items whose prices have lately climbed, in part due to the situation in Ukraine, the prices were rising during the first half of Q3. Due to supply chain disruptions and high transportation costs, which are factors in general economic inflation, there was some upward pressure on agricultural items even before the conflict. With the start of the second month of Q3, prices fell because of slightly better crop conditions in the US, seasonal supply in Argentina, and the impending beginning of Brazil's primary maize harvest. Moreover, because of the war problem and the limited supply, prices rose in the final month of the quarter. Towards the end of Q3 2022, the price of Maize was recorded to be USD 340/MT FOB Los Angeles in September 2022.
Asia Pacific
In Asia Pacific countries, the price of Maize is fluctuating throughout the Q3 of 2022 due to instability in market dynamics. The deal caused prices to spike in India during the first half of Q3 because supplies from Ukraine, the fourth-largest supplier of Maize globally, were delayed due to Russia's invasion. The fighting, which has also interfered with the spring sowing season, has caused uncertainty about Ukraine's trustworthiness as a supplier. Russia is the main source of grains for India's imports, and Ukraine has been a big buyer of Ukrainian corn. India began Q3 with prices declining in the second month since there were sufficient supplies on the domestic market. Due to a lack of products to meet consumer demand in the final month of the quarter, prices climbed. Towards the end of Q3 2022, the price of Maize was recorded to be USD 267/MT Ex-Kottur in September 2022.
Europe
In Europe, the price of Maize is fluctuating throughout the Q3 of 2022 due to instability in market dynamics. In the first half of Q3, prices were rising for several agricultural products, including corn, which has seen a recent increase in price, partly because of the situation in Ukraine. Even prior to the conflict, there was some upward pressure on agricultural products due to supply chain interruptions and high transportation costs, both of which are contributors to overall economic inflation. Prices dropped as Q3's second month got underway due to marginally better crop conditions in the US, a seasonal supply in Argentina, and the upcoming start of Brazil's main maize harvest. Prices increased in the last month of the quarter because of the war crisis and the tight supply. Towards the end of Q3 2022, the price of Maize was recorded to be USD 320/MT for FOB Marseille in September 2022.
For the Quarter Ending June 2022
North America
In North America, the price of Maize is fluctuating throughout the Q2 of 2022, backed by the mixed buying and supply sentiments in the domestic market. During the first half of Q2, the prices were increasing as Corn is just one of many agricultural products whose prices have increased recently, partly as a result of the conflict in Ukraine. Even before the conflict, there was some upward pressure on agricultural goods due to supply chain interruptions and high transportation costs, which are factors in overall economic inflation. On entering the second half of Q2, the prices decreased due to slightly improved crop conditions in the US, seasonal supplies in Argentina, and the imminent start of Brazil's main maize harvest led maize prices to decline.
Asia Pacific
In Asia Pacific countries, the price of Maize is fluctuating throughout the Q2 of 2022 due to instability in market dynamics. During the first half of Q2, prices soared in China as a result of the agreement as supplies from Ukraine, the fourth-largest maize exporter in the world, were delayed as a result of Russia's invasion. Insecurity about Ukraine's dependability as a supplier has arisen as a result of the war, which has also hampered the spring planting season. China had been a significant consumer of Ukrainian Corn. Due to falling prices in the second half of Q2, China started using genetically modified Maize. Since 2019, a number of genetically modified maize and soybean varieties have been granted the safety certificate. It has been the "variety approval" that has been absent. That obstacle was now overcome in June.
Europe
In Europe, the price of Maize is decreasing throughout the Q2 of 2022, owing to the decrease in demand from the market traders. There was less demand from the domestic household for their bird feed. In addition, since the invasion of war, the European traders haven't been able to sell any grains at all. The invasion of war led to a decrease in demand from the downstream industries, including the starch, which is used as a source of fundamental raw materials such as alcoholic beverages, food, sweeteners, cosmetics, biofuel, and other products. Due to the ongoing war, high inventories in the market have led to stockpiling of the product.
For the Quarter Ending March 2022
North America
In North America, the prices of Maize fluctuated upwards by the end of this quarter. At the beginning of Q1 2022, the prices slightly fluctuated due to adverse climate conditions creating supply uncertainty, leading to a tight global supply market. At the onset of the second half, the prices surged due to the Russia-Ukraine war crisis and associated shipping disruption at the Ukraine port, suspending Ukraine ports and disrupting the global food supply chain. Also, China increased imports from the US, creating a supply-demand imbalance in the regional market. Towards the end of Q1 2022, the price of Wheat was recorded to be USD 362/ton FOB Texas (USA).
Asia Pacific
In the Asia-Pacific region, the prices of Maize were stagnant in Q1 2022. At the onset of Q1 2022, the prices slipped down slightly owing to favorable weather and a good harvest. With higher inventories, the supply-demand market was running normally. The prices rose significantly at the end of the first half, led by the Russia Ukraine war crisis. As the situation worsened, Ukraine halted its production units, creating pressure on the other Asian manufacturers to export Maize with the surging demand in industries for feed, globally. Towards the end of Q1 2022, the price of Maize was recorded to be USD 275/ton Spot Ex-Karnataka (India).
Europe
In Europe, the prices of Maize hovered on the upper side owing to varying factors, likely labor shortage, Russia Ukraine geopolitical conflict. At the commencement of Q1 2022, the prices dropped as the demand-supply market was regular with a strong export market. The prices surged sharply towards Q1 2022 termination. Ukraine, the world’s vital growing area, faced stifled supply due to a war crisis as a result of production halt in Ukraine, labor scarcity, and infrastructural damage. Also, the resurgence of the pandemic resulted in prolonged disruptions. Towards the end of Q1 2022, the price of Maize was recorded to be USD 387/ton FOB Marseille (France).
