Price for Cereal Groats and Meal; of Maize (Corn) in Italy - 2023

Price for Cereal Groats and Meal; of Maize (Corn) in Italy (FOB) - 2023

The average export price for cereal groats and meal; of maize (corn)s stood at $911 per ton in October 2023, with a decrease of -3.2% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +1.4%. The most prominent rate of growth was recorded in January 2023 when the average export price increased by 15% m-o-m. The export price peaked at $1,089 per ton in April 2023; however, from May 2023 to October 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was the UK ($1,283 per ton), while the average price for exports to South Korea ($704 per ton) was amongst the lowest.

From October 2022 to October 2023, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Cereal Groats and Meal; of Maize (Corn) in Italy (CIF) - 2023

In August 2023, the average import price for cereal groats and meal; of maize (corn)s amounted to $682 per ton, dropping by -6.8% against the previous month. Over the period under review, import price indicated a tangible increase from August 2022 to August 2023: its price increased at an average monthly rate of +4.4% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, import price for cereal groats and meal; of maize (corn)s increased by +3.1% against June 2023 indices. The most prominent rate of growth was recorded in February 2023 an increase of 40% against the previous month. Over the period under review, average import prices reached the peak figure at $783 per ton in April 2023; however, from May 2023 to August 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In August 2023, the country with the highest price was Croatia ($6,118 per ton), while the price for Hungary amounted to $663 per ton.

From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Croatia (+23.3%).

Exports of Cereal Groats and Meal; of Maize (Corn) in Italy

For the fourth year in a row, Italy recorded growth in shipments abroad of cereal groats and meal; of maize (corn)s, which increased by 16% to 44K tons in 2022. The total export volume increased at an average annual rate of +6.6% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of cereal groats and meal; of maize (corn)s surged to $35M in 2022. Overall, total exports indicated a prominent expansion from 2019 to 2022: its value increased at an average annual rate of +13.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.5% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Export of Cereal Groats and Meal; of Maize (Corn) in Italy (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Israel	4.8	5.3	6.0	8.3	20.0%
Germany	2.2	2.4	2.5	4.2	24.1%
United Kingdom	3.5	2.4	2.8	3.2	-2.9%
France	2.9	2.8	2.8	3.0	1.1%
Spain	2.7	1.7	2.1	2.5	-2.5%
Cameroon	N/A	0.2	0.7	1.7	191.5%
Poland	0.7	0.9	1.3	1.3	22.9%
Lebanon	0.7	0.8	1.2	1.2	19.7%
Greece	0.5	0.6	0.8	0.9	21.6%
Belgium	1.2	1.1	0.9	0.8	-12.6%
Australia	0.2	0.3	0.2	0.7	51.8%
Netherlands	0.2	0.2	0.3	0.6	44.2%
Kuwait	0.7	0.7	0.5	0.4	-17.0%
Others	3.4	4.0	5.1	5.8	19.5%
Total	23.6	23.5	27.3	34.8	13.8%

Top Export Markets for Cereal Groats and Meal; of Maize (Corn) from Italy in 2022:

Israel (11.9K tons)
Germany (5.8K tons)
France (3.3K tons)
Cameroon (3.3K tons)
United Kingdom (3.0K tons)
Spain (2.7K tons)
Poland (1.7K tons)
Lebanon (1.5K tons)
Greece (1.1K tons)
Belgium (1.0K tons)
Australia (0.9K tons)
Netherlands (0.7K tons)
Kuwait (0.6K tons)

Imports of Cereal Groats and Meal; of Maize (Corn) in Italy

In 2022, supplies from abroad of cereal groats and meal; of maize (corn)s decreased by -6.4% to 8.7K tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, total imports indicated a remarkable increase from 2019 to 2022: its volume increased at an average annual rate of +10.5% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +34.8% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 42% against the previous year. As a result, imports attained the peak of 9.3K tons, and then contracted in the following year.

In value terms, imports of cereal groats and meal; of maize (corn)s expanded modestly to $3.6M in 2022. In general, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 62%. Over the period under review, imports of attained the peak figure in 2022 and are likely to see steady growth in years to come.

Import of Cereal Groats and Meal; of Maize (Corn) in Italy (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Hungary	1.1	1.3	2.4	3.1	41.3%
Croatia	N/A	0.3	0.9	0.3	0.0%
Slovenia	0.8	0.6	0.1	N/A	-64.6%
Others	0.1	N/A	N/A	0.2	26.0%
Total	2.0	2.1	3.5	3.6	21.6%