In the second half of 2024, corn processing prices exhibited an oscillating trajectory globally. Month-on-month fluctuations closely mirrored price variations in its primary feedstock, corn. During the third quarter, corn prices followed a steady trend with a slight downward movement. However, a significant decline was observed in the following quarter. The primary factor behind this downturn was an oversupply in the market, as major growing regions, including the U.S. Midwest, Kazakhstan, Brazil, and Australia, reported bumper harvests.
The corn processing sector, which plays a crucial role in producing downstream products such as starch, syrup, and ethanol, experienced price pressures due to the declining cost of feedstock. Additionally, weak demand further weighed on the market. Overall, prices remained subdued in the second half of 2024, influenced by lower feedstock costs and a cautious market approach.