Maize (Corn) Prices Trend and Forecast
North America
The Maize Prices 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, Prices of Maize (corn) 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.
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