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- CRB Fundamentals - 2008 Commodity Articles

Corn Oil

Corn oil is a bland, odorless oil produced by refining the crude corn oil that is mechanically extracted from the germ of the plant seed. High-oil corn, the most common type of corn used to make corn oil, typically has an oil content of 7% or higher compared to about 4% for normal corn. Corn oil is widely used as cooking oil, for making margarine and mayonnaise, and for making inedible products such as soap, paints, inks, varnishes, and cosmetics. For humans, studies have shown that no vegetable oil is more effective than corn oil in lowering blood cholesterol levels.

Prices - The average monthly price of corn oil (wet mill price in Chicago) in the 2006-07 marketing year (Oct-Sep) rose +12.44% yr/yr to 28.31 cents per pound, which was still well below the record high of 36.50 cents posted in 1973-74. Seasonally, prices tend to be highest around March/April and lowest late in the calendar year.

Supply - U.S. corn oil production in the 2005-06 marketing year (latest data available) rose by +2.4% yr/yr to 2.450 billion pounds, which was a 4-year high. Seasonally, production tends to peak around December and March and reaches a low in July. U.S. stocks in the 2005-06 marketing year (Oct 1) rose +2.0% yr/yr to 156 million pounds.

Demand - U.S. usage (domestic disappearance) in 2005-06 rose +5.0% to 1.731 billion pounds.

Exports - U.S. corn oil exports in 2005-06 rose +1.4% to 800 million pounds. U.S. corn oil imports in 2005-06 rose 22.4% to 60 million pounds.

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