Opposite Price trend of Maize in South America

Yellow corn price fell in Argentina wholesale market by -42.13% YoY to 0.89 USD/KG in W5 August 2021. On the contrary, the corn price in Colombia wholesale market rose by +26.99% YoY to 0.28 USD/KG in the same period. As the world's top corn producer and exporter, Argentina has increased its corn export volume in 2020 to nearly 4.5M mt. Meanwhile, Columbia relies more on imports from the US to meet domestic demand for corn. Colombian corn prices in 2021 has increased slightly due to La Nina, dry weather that affects corn crops which makes production costs in the US higher.