Exports of corn products fall in September as starch export ban hits

Exports of corn-derived products dipped in September after a relatively strong start to 2022.

Starch exports were just 209 tons in September following export restrictions. Even with virtually no exports in August or September, January through September saw cumulative exports of 221k tons compared to just 112k tons for the same period in 2021.

MSG exports were relatively steady at 64k tons in September. Year to date exports total 610k tons compared to 495k tons for the same period last year.

Citric acid exports were 77k tons, with year-to-date exports of 933k tons compared to 746k tons last year. Lysine exports were 64k tons with the year-to-date total at 734k tons compared to 569k tons last year.

The restrictions on exports continue to pummel corn starch futures, with the January contract falling to 2,961 yuan per ton, just 90 yuan per ton higher than corn. As recently has May, this spread was over 500 yuan per ton.

While corn futures rose on Wednesday, starch futures fell another 1.6% after falling 2.4% on Tuesday and reached a new contract low.