Asian corn market outlook for 2024: China’s demand drives recovery and diversification

New Delhi [India], January 4 (ANI): The Asian corn market is set for dynamic shifts in 2024, driven by the demand dynamics in China and a positive sign of recovery in Southeast Asia. Here’s an in-depth look at the key drivers shaping the Asian corn market in the upcoming year. In 2023, destination corn prices experienced a steady decline from earlier highs, influenced by a record crop in Brazil that eased global supply tightness. Despite reaching a 33-month low of USD 239.50/mt in July, corn prices rebounded in the fourth quarter, ranging between USD 255-USD 265/mt. However, end-users faced price volatility due to persistent weather markets, logistics challenges, and slow farmer selling in Brazil. As we enter 2024, various factors, such as weather influences, the ongoing Russia-Ukraine conflict, and freight impacts, will continue to contribute to price volatility. Southeast Asia emerges as a positive force in demand recovery, while China remains a key player shaping the global ...