Corn, also known as maize, is one of the most important crops in the world. Apart from being an essential staple food in many regions, especially in the continent of Africa, corn is also a major source of animal feed. A greater weight of corn is produced each year than any other grain in the world.

The United States is the largest producer of corn and four states in the United States – Iowa, Illinois, Nebraska and Minnesota, known as the US Corn Belt, together accounted for more than half the US output.

Corn as starch is a major ingredient used in the production of cooking oil. Apart from its uses as food, corn as starch is also used in the manufacturing of drugs, cosmetics and industrial production such as the development of adhesives, batteries, cleaners, dyes, refinery of oil and ore, lubricants, paint, tires, surgical dressings and textiles.

In recent years, corn is also used as a base crop for the production of ethanol fuel. High fuel prices increased the demand for ethanol fuel which in turn attracted corn farmers to sell their harvests to ethanol fuel producers rather than the conventional food industry. As such, it is believed that the increasing prevalence of bio fuel production has inflated the price of food. The price of corn now is also more closely related to the price of oil than before.

Apart from the United States, other major corn producing countries include China, Brazil, Mexico, Indonesia, India, France, Argentina, South Africa and Ukraine.

Corn futures contracts traded in the Chicago Board of Trade (CBOT) are represented by C ticker symbol. The contracts mature on the months of March (H), May (K), July (N), September (U) and December (Z).