Corn/Maize
Corn (maize) is the world's most produced cereal grain, used for animal feed, ethanol production, and food ingredients. US Yellow Corn No.2 is the global benchmark. Brazil has emerged as a major second-crop (safrinha) exporter, competing with US and Argentine supplies.
- US No.2 Yellow
- US No.3 Yellow
- Argentine Origin
- Brazilian Safrinha
- FOB
- CIF
- CFR
Corn/Maize, in brief.
- Common origins
- United States
- Brazil
- Argentina
- Ukraine
- France
- Common destinations
- Japan
- Mexico
- South Korea
- Egypt
- Vietnam
- Grades and specifications
- US No.2 Yellow
- US No.3 Yellow
- Argentine Origin
- Brazilian Safrinha
- Incoterms
- FOB
- CIF
- CFR
- Unit of measure
- Metric Tons
What moves Corn/Maize pricing
Corn prices off CBOT futures (the global price discovery contract). Brazilian safrinha (second-crop) corn has become the swing exporter. US ethanol mandate (RFS) consumes ~40% of US corn: ethanol margin signals (the corn-ethanol-DDGS spread) drive marginal demand. Chinese corn imports policy (TRQ allocations, sorghum-substitution shifts) reshape Pacific flows. Argentine corn exports are heavily affected by export tax (retenciones) policy.
How Corn/Maize cargoes are priced and settled
Cargoes 25,000-65,000 tonnes typical. Pricing is CBOT futures plus basis (US Gulf, FOB Paranaguá, FOB up-river Argentina). GAFTA or NGFA contracts. Quotational period typically contracted around B/L date.
Corn/Maize specifications and dispute practice
Specs cover test weight, broken corn and foreign material (BCFM), moisture, damaged kernels, aflatoxin, and DON (vomitoxin). Yellow #2 US corn is the global benchmark grade. Mycotoxin disputes are most common: tropical destinations (SE Asia, MENA) frequently test higher than load-port samples and trigger price renegotiation.
Where Corn/Maize comes from and where it goes
Top exporters: US, Brazil, Argentina, Ukraine (significantly disrupted since 2022), Russia. Top importers: China, Mexico, Japan, EU, Korea, Egypt, Vietnam, Taiwan. The US-Mexico flow is the world's largest single corn trade, supplemented by USMCA tariff treatment.
Who trades Corn/Maize?
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Related market pages.
- Wheat (Milling)Milling wheat is a high-protein wheat variety used for bread, pasta, and baked goods. Protein content (typically 11-14%) determines suitability for different flour applications. Black Sea wheat has become the world's most competitive export origin, while US Hard Red Winter and Canadian Western Red Spring are premium grades.
- Wheat (Feed)Feed wheat is a lower-protein wheat grade used in animal nutrition, particularly for poultry and livestock rations. It is typically sourced from the Black Sea region and Europe at a discount to milling wheat. Feed wheat competes with corn as an energy source in feed formulations.
- SoybeansSoybeans are the world's most important oilseed, crushed to produce soybean meal (animal feed) and soybean oil (cooking, biodiesel). Brazil has overtaken the US as the largest exporter. GMO vs. non-GMO origin commands significant price differentials in European and Asian markets.
- Soybean MealSoybean meal is the dominant protein source in global animal feed formulations, containing 44-48% crude protein. It is produced as a co-product of soybean crushing alongside soybean oil. Argentina is the world's largest exporter, benefiting from its differential export tax structure.
- Soybean OilSoybean oil is the second most consumed vegetable oil globally, used in cooking, food processing, and increasingly as biodiesel feedstock. Crude degummed soybean oil is the primary traded form, with refining done at destination. US biofuel mandates have significantly boosted domestic demand.
- Rice (Long Grain)Long grain rice is a staple food for billions, characterized by grains three to five times longer than wide. Thailand's Hom Mali, Vietnamese 5% broken, and US long grain are major export grades. Rice is one of the most trade-restricted commodities, with export bans common during supply shocks.
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