In the first quarter of the current market season (2014-2015) international corn prices are lower than those in the previous season.In the period September - November 2014, corn export prices in the USA and Argentina decreased by between 13% and 23% compared to the same period of the previous year. The main factor for this drop is the faster growth rate of global supply compared to the one of global demand, which is due to the higher global yields of cereal crops for a second consecutive year. This current steady trend does not put pressure on spirit prices because the EU market is to a large extent uninfluenced by production in the USA, whose main export markets are in Asia.

Source:USDA (United States Department of Agriculture).