International Corn Price at Rp 2,960 per Kg (Monday, August 28, 2023)

International corn prices for the next two-month contract are observed to be rising. Daily trading saw corn priced at USD 491.5 per bushel. Converted to Indonesian Rupiah, this is equivalent to Rp 2,960 per kg. This price is calculated using the exchange rate recorded by Bank Indonesia, which is Rp 15,300 per dollar.

Katadata Insight Center (KIC) calculations, based on historical data available on Yahoo Finance, show that the average corn price over the last week was USD 481.36 per bushel. This average price is higher than the previous week's price of USD 475.29 per bushel.

Meanwhile, on a monthly basis, corn prices have shown an upward trend over the last 30 days. The average corn price in August was USD 478.56 per bushel, down 7.81 percent compared to the previous month's price of USD 519.1 per bushel. The highest average monthly corn price in the last 12 months was recorded in October 2022.