Agricultural Commodities
Corn / Maize
Corn is a major feed grain and industrial feedstock traded globally from the Americas, Black Sea and other origins.
MARKET REFERENCES
How the market commonly references price
There is rarely one universal price for a physical commodity. Commercial value depends on the benchmark, specification, origin, destination, timing and logistics agreed between buyer and seller.
- CBOT corn futures
- US Gulf / PNW export basis
- Brazil / Argentina FOB premiums
TYPICAL COMMERCIAL STRUCTURE
How physical pricing is often built
Typical US-origin formula: CBOT futures + basis/premium. CFR destination value adds ocean freight and destination costs. South American cargoes may be quoted outright FOB or as a premium relative to futures.
PRICE DRIVERS
What moves the physical differential?
- US / Brazil crop size
- Feed demand
- Ethanol demand
- Export pace
- Freight
PHYSICAL TRADE
Commercial considerations
Basis is the difference between local cash price and futures and can vary substantially by location and shipment period.
The examples on this page describe common market conventions at a high level. Actual contracts can use different pricing periods, assessments, quality adjustments, Incoterms and negotiated differentials.
Market methodology reference: view source / methodology
PHYSICAL COMMODITY BROKERAGE
Discuss a Corn / Maize requirement.
Share the specification, quantity, origin or destination, delivery basis and timing.