Corn
Origin markets
Origin spread 38.00 USD/tBenchmark: CBOT-linked, FOB US Gulf export basis. The same tonne prices differently by origin — freight, quality, sanctions and policy set the differential. Deep dive →
| Origin | Basis | Price | vs benchmark | Market note |
|---|---|---|---|---|
🇺🇸 US Gulf USA · ~55 Mt/yr exports | FOB NOLA | 198.50 | Benchmark | Reference; new crop at silking — weather market |
🇧🇷 Santos (safrinha) Brazil · 2nd-crop surge | FOB Santos | 191.50 | -7.000 (-3.5%)narrowing | Safrinha harvest flowing to port — seasonal undercut of US Gulf |
🇦🇷 Up River Argentina · steady | FOB Up River | 188.00 | -10.50 (-5.3%)stable | FX incentives; logistics discount vs Gulf |
🇺🇦 Black Sea Ukraine · corridor-dependent | FOB Pivdennyi | 182.50 | -16.00 (-8.1%)narrowing | War-risk insurance and corridor logistics priced in |
🇯🇵 NE Asia delivered Japan/Korea · premium buyers | CFR NE Asia | 220.50 | +22.00 (+11.1%)widening | Delivered basis — freight over Gulf; quality-tested cargoes |
Differentials are indicative desk assessments over the live benchmark — 90-day spread trend shown per origin.
Track physical flows on the live vessel map →Harvest, yield & outlook
Crop calendars, current-season yields and the desk read per origin — the supply side behind the origin differentials.
Outlook: Pollination weather over the next three weeks decides the crop. Ethanol grind steady; export pace hinges on Brazil's safrinha overhang clearing.
Outlook: Second-crop corn hitting ports now — FOB Santos undercuts US Gulf through Q3, then the window closes as US harvest arrives.
Outlook: Acreage and inputs constrained; every escalation headline reprices the FOB discount before the physical does.
6-month range
Annualised volatility 10%Forward curve
Indicative term structure · Backwardation
In other units
Converted from 198.50 USD/t · indicative FX
About Corn
Corn is traded in the agriculture segment, with price discovery referenced against CBOT. The chart above shows the trailing indicative price path. Physical parcels of Corn can be sourced or placed through the Off Market desk, listed openly on the Marketplace, or intermediated by a specialist broker.
- Animal feed
- Ethanol
- Starch & sweeteners