Porto Alegre, May 21, 2026 – Corn demand continues showing strong expansion in the global market, with worldwide consumption increasing by 175 million metric tons between 2020 and 2025, reinforcing the cereal’s growing importance in global food, feed and energy supply chains.
Corn had already surpassed wheat as the world’s most produced and consumed cereal during the 2000s. Now, the market is beginning to monitor a new phase of accelerated expansion, with demand growth reaching unprecedented levels over the last decade.
According to market analysis, global corn prices have reflected this stronger consumption profile. Corn futures on the Chicago Board of Trade have practically doubled between 2017 and 2026, rising from around US$2.30 per bushel to current levels near US$4.60 per bushel.
The expansion in global demand has been supported mainly by record production increases in the United States and the continued expansion of Brazilian output. However, the market is becoming increasingly sensitive to weather-related production losses and supply risks in key exporting countries.
Attention is also turning to production costs for the upcoming 2026/27 South American summer crop. Rising prices for inputs such as urea and ammonia are generating concerns over profitability and possible planted area reductions if final prices fail to compensate producers.
The global macroeconomic environment also remains under close watch ahead of the next U.S. Federal Reserve meeting scheduled for June 17. With tensions involving Iran still unresolved and oil prices remaining above US$100 per barrel in New York, inflation concerns continue influencing market sentiment.
Recent developments involving the United States and China also contributed to this environment. According to the market, China agreed to increase oil purchases from the United States, a factor that could help sustain energy prices at elevated levels for a longer period.
Higher oil prices have intensified inflation concerns globally. U.S. producer prices posted strong gains in April, with the twelve-month index surpassing 5%, increasing speculation that inflationary pressures could persist longer than previously expected.
As a result, long-term U.S. Treasury yields moved higher during the week, while the Dollar Index climbed back to 99.3 points. The stronger dollar and rising bond yields affected emerging market currencies, including the Brazilian real.
In Brazil, the exchange rate briefly tested levels below BRL 4.89 per dollar before reversing higher and closing the week near BRL 5.00. Market participants continue monitoring domestic fiscal conditions, current account deficits and expectations surrounding future interest rate decisions by Brazil’s Central Bank.
The market also continues analyzing the first USDA supply and demand report for the 2026/27 marketing year. Although the report largely matched expectations, traders remain attentive to possible future adjustments involving export projections and yield estimates for the new U.S. crop.
According to USDA data, global corn consumption growth has accelerated significantly over the past decade. Between 2010 and 2015, demand increased by 167 million metric tons. Between 2015 and 2020, growth totaled another 154 million metric tons, while the latest five-year period registered an additional 175 million metric tons in expansion.
This means global corn demand has increased by approximately 230 million metric tons over the last ten years, highlighting the increasingly strategic role of the cereal in the global agricultural market.
The report also reinforces the importance of major exporting countries such as Brazil, the United States and Ukraine in sustaining global supply growth and meeting expanding international demand.
THE AGRIBUSINESS ECOSYSTEM
FROM BRAZIL AND LATIN AMERICA
