Corn Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend
LONDON--(BUSINESS WIRE)--Dec 18, 2019--
SpendEdge has been monitoring the global corn market and the market is poised to experience spend growth of more than USD 50 billion between 2016-2021 at a CAGR of nearly 4% during the forecast period. Request Free Sample Pages.
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SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Corn Market - Procurement Intelligence Report. (Graphic: Business Wire)
Read the 89-page research report with TOC and LOE on “The Global Corn Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
This crop commands its multifarious usages that range from feed and residual, sweeteners, starch to DDGs/CGF, fuel ethanol, HFCS, among others. Regions that exhibit a high consumption of meat will create an exponential demand for corn as it is essentially used as a livestock feed. These factors will have a cumulative impact on spend growth in the global corn market.
In terms of regional spend growth, the Americas will contribute a major share with North America taking the lead. Factors such as fertile soil, entrepreneurial farmers, availability of water and land, and efficient infrastructure will favor the cultivation of this crop. The US currently holds the rank of the largest corn producer in the region. To boost production, corn suppliers in South America leverage new techniques and technologies to bring unusable and barren lands into productivity. The high consumption of meat in this region will also drive the demand in the corn market.
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Insights into the market pricing trends
What are the strategies to adopt to optimize procurement spend in this market?
The corn price trends imply a substantial increase in the market price through the forecast period. In view of this, this procurement intelligence report has listed the top corn suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market.
Adopt the spot market strategy
This strategy involves the purchase of this commodity in the predefined quality. The strategy allows immediate possession of commodities by buyers and establishes direct contact with corn suppliers. It also minimizes inventory costs as no storage is needed if the purchase is tightly coordinated with production needs.
Engage in a forward purchasing mechanism
Buyers are advised to implement this strategy to secure commodities for future production. The strategy involves buyers who project their future quantity requirements to corn suppliers. Essentially, the adoption of this strategy aids buyers to reduce price risk by hedging spot-market purchases in the future markets.
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