Corn Syrup Price Forecast Report 2024-2025 | Price Trend, Latest Prices, Market Analysis, News, Chart, Demand, Extensive Forecast, Historical and Forecast Data

Corn Syrup Price Forecast

The corn market's supply and demand dynamics significantly influence corn syrup pricing. In 2024, large corn harvests have exerted downward pressure on prices despite growing demand for ethanol and animal feed, according to the U.S. Department of Agriculture (USDA). The average corn price is expected to decline slightly from the previous month's estimate, indicating that increased usage has not fully offset the impact of large supplies, lowering future estimates for corn syrup as well.

Market Dynamics

The corn syrup market dynamics in 2024 are heavily influenced by the volatility in corn prices, driven by extreme weather events and shifting fundamentals. Initially, ample global corn supplies and low demand pushed prices to three-year lows. However, recent severe weather in South America, especially in Brazil and Argentina, has drastically changed market sentiment, raising concerns about corn production and driving up prices. Brazil faced unprecedented rainfall, leading to substantial crop losses and logistical disruptions. Argentina's corn harvest has also stalled due to similar wet conditions and a severe leafhopper insect outbreak, affecting production significantly as Argentina is the world's third-largest corn exporter.

Meanwhile, Brazil's Safrinha corn crop is facing drought, with some areas not receiving rain for over 30 days, potentially stressing the crop during pollination. In the U.S., planting delays due to heavy rains have slowed progress, although these rains have alleviated drought conditions. The impact of these weather-related challenges on corn production in major producing and exporting regions has added a substantial weather premium to corn prices, which in turn affects the cost of producing corn syrup.

Annual Outlook for Corn Syrup Industry

In 2024, the corn syrup industry's outlook is closely tied to the recovery in global corn production and shifts in international trade dynamics. Projections from the International Grains Council (IGC) and the USDA indicate a significant increase in corn production, with estimates of 1,130 million tonnes and 1,236 million tonnes, respectively, compared to a decrease of 1,165 million tonnes in 2022/23. This boost in production, especially from leading producers like the USA and China, will likely meet the global demand for corn, forecasted to be 1,218 million tonnes. Despite an overall increase in production, corn stocks are anticipated to decline slightly due to previous low production levels. These dynamics, along with fluctuating trade volumes and geopolitical factors affecting key exporters like Ukraine, will impact the availability and pricing of corn, which in turn will influence the corn syrup industry's performance and pricing.

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