For the Quarter Ending September 2025
North America
• In United States, the Maize Gluten Meal Price Index fell quarter-over-quarter in Q3 2025, influenced by ample corn feedstock.
• Production costs faced downward pressure from elevated corn feedstock forecasts and ample supplies in Q3 2025.
• Animal feed demand expanded in Q3 2025, supported by strong retail sales (5.42% in September).
• Industrial production was 0.1% above year-earlier levels in September 2025, suggesting slow growth in consuming sectors.
• Consumer confidence declined to 94.2 in September 2025, potentially impacting demand for premium pet foods.
• Henry Hub natural gas spot prices remained relatively flat during Q3 2025, contributing to stable energy costs.
Why did the price of Maize Gluten Meal change in September 2025 in North America?
• Ample corn feedstock supplies and record-high U.S. corn production lowered input costs.
• Stable Henry Hub natural gas spot prices in Q3 2025 maintained consistent energy processing expenses.
APAC
• In China, the Maize Gluten Meal Price Index fell quarter-over-quarter in Q3 2025, influenced by a 2.3% fall in PPI in September 2025.
• Maize Gluten Meal production costs decreased in Q3 2025 as corn feedstock costs softened due to rising domestic production and ample stocks.
• Demand for animal feed strengthened in Q3 2025, driven by ongoing swine restocking and an expanding livestock industry.
• The Maize Gluten Meal demand outlook is mixed; retail sales grew 3.0% in September 2025, yet consumer confidence was 89.6.
• Industrial production grew 6.5% in September 2025, supporting economic activity, but the Manufacturing Index was contracting.
• Domestic corn inventories remained ample throughout Q3 2025, while corn import volumes plummeted due to government policies.
• Electricity prices for industrial use remained stable in Q3 2025, contributing to consistent energy feedstock costs.
• The Maize Gluten Meal price trend reflects deflationary pressures, with CPI falling 0.3% in September 2025, impacting consumer purchasing power.
Why did the price of Maize Gluten Meal change in September 2025 in APAC?
• Lower production costs: Corn feedstock costs softened in Q3 2025 due to ample domestic supplies.
• Deflationary pressures: PPI fell 2.3% in September 2025, reflecting a challenging pricing environment for producers.
• Mixed demand signals: Animal feed demand strengthened, but consumer confidence was 89.6 in September 2025.
Europe
• In Germany, Maize Gluten Meal Price Index fell in Q3 2025, influenced by production cost reductions.
• Production costs decreased, driven by a 1.7% PPI decline in September 2025 and weakening corn futures.
• German natural gas and agricultural electricity prices trended downward in Q3 2025, easing operational expenses.
• Overall EU animal feed demand remained stable in Q3 2025, with poultry feed consumption strengthening.
• EU corn ending stocks were projected to tighten for 2025/26, indicating potential future supply constraints.
• Contracting Manufacturing Index and 1.0% industrial production decline in September 2025 signaled economic weakness.
• Retail sales increased by 0.2% in September 2025, suggesting stable consumer spending on animal products.
• The 2.4% CPI increase in September 2025 raised operational costs for feed manufacturers.
Why did the price of Maize Gluten Meal change in September 2025 in Europe?
• Production costs decreased from a 1.7% PPI decline and weakening European corn futures in Q3 2025.
• German natural gas and agricultural electricity prices trended downward in Q3 2025, reducing processing costs.
• A contracting Manufacturing Index in Q3 2025 signaled broader economic slowdown, impacting overall demand.
