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Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 2009
Statement
Net sales before shipping and handling costs	$ 1,065.6	$ 965.6	$ 2,060.6	$ 1,846.4
Less: shipping and handling costs	62.6	54.0	120.3	103.7
Net sales	1,003.0	911.6	1,940.3	1,742.7
Cost of sales	839.2	800.1	1,633.6	1,538.3
Gross profit	163.8	111.5	306.7	204.4
Operating expenses	73.2	61.0	143.0	115.7
Other (income), net	(4.0)	(1.3)	(5.4)	(2.2)
Impairment / restructuring charges	18.1	125.0	20.8	125.0
Operating income (loss)	76.5	(73.2)	148.3	(34.1)
Financing costs, net	6.8	10.8	11.5	22.2
Income (loss) before income taxes	69.7	(84.0)	136.8	(56.3)
Provision (benefit) for income taxes	30.9	(0.9)	53.0	8.5
Net income (loss)	38.8	(83.1)	83.8	(64.8)
Less: Net income attributable to non-controlling interests	2.0	1.7	3.5	3.3
Net income (loss) attributable to CPI	$ 36.8	$ (84.8)	$ 80.3	$ (68.1)
Weighted average common shares outstanding:
Basic (in shares)	75.5	74.8	75.4	74.8
Diluted (in shares)	76.6	74.8	76.5	74.8
Earnings (loss) per common share of CPI:
Basic (in dollars per share)	$ .49	$ (1.13)	$ 1.06	$ (0.91)
Diluted (in dollars per share)	$ .48	$ (1.13)	$ 1.05	$ (0.91)

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2010	Dec. 31, 2009
Current assets
Cash and cash equivalents	$ 326	$ 175
Accounts receivable - net	472	440
Inventories	399	394
Prepaid expenses	32	13
Deferred income taxes	25	23
Total current assets	1,254	1,045
Property, plant and equipment - net	1,515	1,564
Goodwill and other intangible assets	243	245
Deferred income taxes	2	3
Investments	11	10
Other assets	81	85
Total assets	3,106	2,952
Current liabilities
Short-term borrowings and current portion of long-term debt	100	136
Deferred income taxes		9
Accounts payable and accrued liabilities	476	420
Total current liabilities	576	565
Non-current liabilities	148	142
Long-term debt	499	408
Deferred income taxes	111	111
Redeemable common stock (500,000 shares issued and outstanding at December 31, 2009) stated at redemption value	0	14
Share-based payments subject to redemption	6	8
CPI Stockholders' equity:
Preferred stock - authorized 25,000,000 shares- $0.01 par value - none issued	0	0
Common stock - authorized 200,000,000 shares- $0.01 par value - 75,419,870 and 74,819,774 shares issued at June 30, 2010 and December 31, 2009, respectively	1	1
Additional paid-in capital	1,101	1,082
Less: Treasury stock (common stock; 168,455 and 433,596 shares at June 30, 2010 and December 31, 2009, respectively) at cost	(6)	(13)
Accumulated other comprehensive loss	(332)	(308)
Retained earnings	979	919
Total CPI stockholders' equity	1,743	1,681
Non-controlling interests	23	23
Total equity	1,766	1,704
Total liabilities and equity	$ 3,106	$ 2,952

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2010	Dec. 31, 2009
Condensed Consolidated Balance Sheets
Redeemable common stock, shares issued		500,000
Redeemable common stock, shares outstanding		500,000
Preferred stock, authorized shares	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued shares	0	0
Common stock, authorized shares	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	75,419,870	74,819,774
Treasury stock, shares	168,455	433,596

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 2009
Statement
Net income (loss)	$ 38.8	$ (83.1)	$ 83.8	$ (64.8)
Other comprehensive income:
Gains (losses) on cash flow hedges, net of income tax effect of $2, $18, $28 and $38, respectively	3.0	(31.0)	(50.0)	(65.0)
Reclassification adjustment for losses on cash flow hedges included in net income (loss), net of income tax effect of $12, $37, $28, and $64, respectively	21.0	61.0	43.0	107.0
Unrealized gain on investment, net of income tax effect		1.0		1.0
Currency translation adjustment	(24.0)	104.0	(17.0)	61.0
Comprehensive income	39.0	52.0	60.0	39.0
Comprehensive income attributable to non-controlling interests	(2.0)	(2.0)	(4.0)	(3.0)
Comprehensive income attributable to CPI	$ 37.0	$ 50.0	$ 56.0	$ 36.0

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 2009
Condensed Consolidated Statements of Comprehensive Income
Gains (losses) on cash flow hedges, income tax effect	$ 2	$ 18	$ 28	$ 38
Reclassification adjustment for losses on cash flow hedges included in net income (loss), income tax effect	$ 12	$ 37	$ 28	$ 64

Condensed Consolidated Statements of Equity and Redeemable Equity - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 2009
Increase (decrease) in equity
Balance Total Equity			$ 1,704,000,000
Balance Redeemable Common Stock			14,000,000
Balance Share-based Payments Subject to Redemption			8,000,000
Net income (loss) attributable to CPI	$ 36,800,000	$ (84,800,000)	80,300,000	$ (68,100,000)
Net income attributable to non-controlling interests	(2,000,000)	(1,700,000)	(3,500,000)	(3,300,000)
Losses on cash flow hedges, net of income tax effect of $28 and $38 in 2010 and 2009, respectively	3,000,000	(31,000,000)	(50,000,000)	(65,000,000)
Amount of losses on cash flow hedges reclassified to earnings, net of income tax effect of $28 and $64 in 2010 and 2009, respectively	(21,000,000)	(61,000,000)	(43,000,000)	(107,000,000)
Currency translation adjustment	(24,000,000)	104,000,000	(17,000,000)	61,000,000
Balance Total Equity	1,766,000,000		1,766,000,000
Balance Redeemable Common Stock	0		0
Balance Share-based Payments Subject to Redemption	6,000,000		6,000,000
Redeemable Common Stock
Increase (decrease) in equity
Balance Redeemable Common Stock			14,000,000	14,000,000
Expiration of put option (see Note 10)			(14,000,000)
Change in fair value of redeemable common stock				(1,000,000)
Balance Redeemable Common Stock		13,000,000		13,000,000
Share-based Payments Subject to Redemption
Increase (decrease) in equity
Balance Share-based Payments Subject to Redemption			8,000,000	11,000,000
Share-based compensation			(2,000,000)	(5,000,000)
Balance Share-based Payments Subject to Redemption	6,000,000	6,000,000	6,000,000	6,000,000
Common Stock
Increase (decrease) in equity
Balance Total Equity			1,000,000	1,000,000
Balance Total Equity	1,000,000	1,000,000	1,000,000	1,000,000
Additional Paid-In Capital
Increase (decrease) in equity
Balance Total Equity			1,082,000,000	1,086,000,000
Share-based compensation			5,000,000	(3,000,000)
Expiration of put option (see Note 10)			14,000,000
Change in fair value of redeemable common stock				1,000,000
Balance Total Equity	1,101,000,000	1,084,000,000	1,101,000,000	1,084,000,000
Treasury Stock
Increase (decrease) in equity
Balance Total Equity			(13,000,000)	(29,000,000)
Repurchases of common stock			(5,000,000)	(3,000,000)
Share-based compensation			12,000,000	10,000,000
Balance Total Equity	(6,000,000)	(22,000,000)	(6,000,000)	(22,000,000)
Accumulated Other Comprehensive Income (Loss)
Increase (decrease) in equity
Balance Total Equity			(308,000,000)	(594,000,000)
Losses on cash flow hedges, net of income tax effect of $28 and $38 in 2010 and 2009, respectively			(50,000,000)	(65,000,000)
Amount of losses on cash flow hedges reclassified to earnings, net of income tax effect of $28 and $64 in 2010 and 2009, respectively			43,000,000	107,000,000
Currency translation adjustment			(17,000,000)	61,000,000
Other				1,000,000
Balance Total Equity	(332,000,000)	(490,000,000)	(332,000,000)	(490,000,000)
Retained Earnings
Increase (decrease) in equity
Balance Total Equity			919,000,000	920,000,000
Net income (loss) attributable to CPI			80,300,000	(68,100,000)
Dividends declared			(20,000,000)	(21,000,000)
Balance Total Equity	979,000,000	831,000,000	979,000,000	831,000,000
Non-controlling Interests
Increase (decrease) in equity
Balance Total Equity			23,000,000	22,000,000
Net income attributable to non-controlling interests			3,500,000	3,300,000
Dividends declared			(3,000,000)	(2,000,000)
Other			(1,000,000)	(1,000,000)
Balance Total Equity	$ 23,000,000	$ 22,000,000	$ 23,000,000	$ 22,000,000

Condensed Consolidated Statements of Equity and Redeemable Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009	Jun. 30, 2010	Jun. 30, 2009
Condensed Consolidated Statements of Equity and Redeemable Equity
Gains (losses) on cash flow hedges, income tax effect	$ 2	$ 18	$ 28	$ 38
Reclassification adjustment for losses on cash flow hedges included in net income (loss), income tax effect	$ 12	$ 37	$ 28	$ 64

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2010	Jun. 30, 2009
Cash provided by operating activities:
Net income (loss)	$ 83.8	$ (64.8)
Non-cash charges (credits) to net income (loss):
Write-off of impaired assets	19.0	124.0
Depreciation and amortization	70.0	62.0
Changes in working capital:
Accounts receivable and prepaid items	(28.0)	(32.0)
Inventories	(10.0)	24.0
Accounts payable and accrued liabilities	92.0	(23.0)
(Increase) decrease in margin accounts	(43.0)	127.0
Other	1.0	(6.0)
Cash provided by operating activities	185.0	211.0
Cash used for investing activities:
Capital expenditures, net of proceeds on disposals	(56.0)	(66.0)
Other		(1.0)
Cash used for investing activities	(56.0)	(67.0)
Cash provided by (used for) financing activities:
Proceeds from borrowings	218.0	67.0
Payments on debt	(159.0)	(117.0)
Bridge financing costs	(16.0)
Repurchases of common stock	(5.0)	(3.0)
Issuance of common stock	7.0	1.0
Dividends paid (including to non-controlling interests)	(23.0)	(23.0)
Excess tax benefit on share-based compensation	2.0
Cash provided by (used for) financing activities	24.0	(75.0)
Effect of foreign exchange rate changes on cash	(2.0)	(1.0)
Increase in cash and cash equivalents	151.0	68.0
Cash and cash equivalents, beginning of period	175.0	107.0
Cash and cash equivalents, end of period	$ 326.0	$ 175.0

Interim Financial Statements

6 Months Ended

Jun. 30, 2010

Interim Financial Statements

Interim Financial Statements

1. Interim Financial Statements

References to the “Company” are to Corn Products International, Inc. (“CPI”) and its consolidated subsidiaries. These statements should be read in conjunction with the consolidated financial statements and the related notes to those statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.

The unaudited condensed consolidated interim financial statements included herein were prepared by management and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) which are, in the opinion of management, necessary to present a fair statement of results of operations and cash flows for the interim periods ended June 30, 2010 and 2009, and the financial position of the Company as of June 30, 2010. The results for the interim periods are not necessarily indicative of the results expected for the full years.

New Accounting Standards

6 Months Ended

Jun. 30, 2010

New Accounting Standards

New Accounting Standards

2. New Accounting Standards

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, Improving Disclosures about Fair Value Measurements. The Update requires entities to disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers. In addition, the Update requires entities to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The disclosures related to Level 1 and Level 2 fair value measurements are effective for interim and annual periods beginning after December 15, 2009. The disclosures related to Level 3 fair va lue measurements are effective for interim and annual periods beginning after December 15, 2010. The Company adopted the additional disclosure provisions in the first quarter of 2010. See Note 6 for information regarding the Company’s fair value measurements.

Acquisition

6 Months Ended

Jun. 30, 2010

Acquisition

Acquisition

3. Acquisition

On June 21, 2010, the Company announced that it entered into a definitive agreement to acquire National Starch, a global provider of specialty starches, from AkzoNobel, a global coatings and specialty chemicals company, headquartered in The Netherlands. The purchase price is estimated to be $1.3 billion in cash, which is expected to be provided from cash and with proceeds from issuances of debt or a combination of debt and common stock. The acquisition, which has been approved by the Boards of Directors of both CPI and AkzoNobel and does not require approval by the stockholders of either company, is expected to close near the end of the third quarter of 2010, subject to customary regulatory approvals.

Asset Impairment and Restructuring Charges

6 Months Ended

Jun. 30, 2010

Asset Impairment and Restructuring Charges

Asset Impairment and Restructuring Charges

4. Asset Impairment and Restructuring Charges

On February 27, 2010, a devastating earthquake occurred off the coast of Chile. The Company’s plant in Llay-Llay, Chile suffered damage, including damage to the waste-water treatment facility, corn silos, water tanks and warehousing. There was also structural damage to the buildings. A structural engineering study was completed during the quarter ended June 30, 2010. Based on the results of the study and other factors, the Company determined that the carrying amount of a significant portion of the plant and equipment exceeds its fair value and therefore, these assets are impaired. As a result, the Company recorded a $21 million charge for impaired assets and other related costs in its first-half 2010 Condensed Consolidated Statement of Income, including a $2.7 million insurance deductible that was expensed in the first qua rter of 2010. Presently, shipments to customers in Chile are being fulfilled from the Company’s plants in Argentina, Brazil and Mexico.

In the second quarter of 2009, the Company recorded a $125 million charge to its Condensed Consolidated Statement of Income for impaired assets and restructuring costs. The charge included the write-off of $119 million of goodwill pertaining to the Company’s operations in South Korea and a $5 million charge to write-off impaired assets in North America. Additionally, the Company recorded a $1 million charge for employee severance and related benefit costs primarily attributable to the termination of employees in its Asia/Africa region. The employee terminations have been completed and the restructuring accrual has been fully utilized.

As a result of the impairment and restructuring charges, the Company’s effective income tax rates for 2010 and 2009 differ from a more normalized effective tax rate. The Company’s effective income tax rate for the second quarter and first half of 2010 was 44.3 percent and 38.7 percent, respectively, as compared to 1.1 percent and 15.1 percent in the prior year periods. The Company’s effective income tax rates for the 2010 periods reflect the impact of the Chilean charge for impaired assets and other related costs and an increase to the valuation allowance in Chile. The Company’s effective income tax rates for the 2009 periods were unusually low due to the tax effect of the goodwill write-off and an increase to the valuation allowance in Korea, both of which were recorded in th e second quarter of 2009.

Segment Information

6 Months Ended

Jun. 30, 2010

Segment Information

Segment Information

5. Segment Information

The Company operates in one business segment, corn refining, and is managed on a geographic regional basis. Its North America operations include corn-refining businesses in the United States, Canada and Mexico. The Company’s South America operations include corn-refining businesses in Brazil, Colombia, Ecuador, Peru and the Southern Cone of South America, which includes Argentina, Chile and Uruguay. The Company’s Asia/Africa operations include corn-refining businesses in Korea, Pakistan, Malaysia, Kenya and China, and a tapioca root processing operation in Thailand.

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2010			2009			2010			2009
Net Sales
North America	$	582.7		$	584.4		$	1,123.4		$	1,115.7
South America	286.6			228.2			564.3			442.7
Asia/Africa	133.7			99.0			252.6			184.3
Total	$	1,003.0		$	911.6		$	1,940.3		$	1,742.7

Operating Income (Loss)
North America	$	59.6		$	33.4		$	98.0		$	53.8
South America	39.1			26.4			77.7			54.1
Asia/Africa	12.9			5.6			26.0			7.4
Corporate	(13.1		)	(13.6		)	(25.7		)	(24.4		)
Sub-total	98.5			51.8			176.0			90.9
Impairment/restructuring charges (a)	(18.1		)	(125.0		)	(20.8		)	(125.0		)
Acquisition costs	(3.9		)	—			(6.9		)	—
Total	$	76.5		$	(73.2	)	$	148.3		$	(34.1	)

(a) Includes a $21 million charge for impaired assets and related costs in Chile for 2010, including a $3 million insurance deductible that was expensed in the first quarter, and a $125 million charge in 2009 consisting of a write-off of $119 million of goodwill pertaining to our operations in South Korea, a $5 million write-off of impaired assets in North America and a $1 million charge for employee severance and related benefit costs primarily attributable to the termination of employees in our Asia/Africa region.

(in millions)	At June 30, 2010		At December 31, 2009
Total Assets
North America	$	1,762	$	1,651
South America	1,017		999
Asia/Africa	327		302
Total	$	3,106	$	2,952

Financial Instruments, Derivatives and Hedging Activities

6 Months Ended

Jun. 30, 2010

Financial Instruments, Derivatives and Hedging Activities

Financial Instruments, Derivatives and Hedging Activities

6. Financial Instruments, Derivatives and Hedging Activities

The Company is one of the world’s largest corn refiners with manufacturing operations in North America, South America and Asia/Africa. The Company’s products are made primarily from corn.

The Company is exposed to market risk stemming from changes in commodity prices (corn and natural gas), foreign currency exchange rates and interest rates. In the normal course of business, the Company actively manages its exposure to these market risks by entering into various hedging transactions, authorized under established policies that place clear controls on these activities. These transactions utilize exchange traded derivatives or over-the-counter derivatives with investment grade counterparties. Derivative financial instruments currently used by the Company consist of commodity futures, options and swap contracts, treasury lock agreements and forward currency contracts and options.

Commodity price hedging: The Company’s principal use of derivative financial instruments is to manage commodity price risk in North America relating to anticipated purchases of corn and natural gas to be used in the manufacturing process, generally over the next twelve to eighteen months. To manage price risk related to corn purchases in North America, the Company uses corn futures and options contracts that trade on regulated commodity exchanges to lock in its corn costs associated with firm-priced customer sales contracts. The Company uses over-the-counter gas swaps to hedge a portion of its natural gas usage in North America. These derivative financial instruments limit the volatility that results from fluctuations in market prices for corn and natural gas and have been designated as cash flow hedges. Unrealized gains and losses associated with marking the commodity hedging contracts to market are recorded as a component of other comprehensive income (“OCI”) and included in the equity section of the Consolidated Balance Sheets as part of accumulated other comprehensive income/loss (“AOCI”). These amounts are subsequently reclassified into earnings in the month in which the related corn or natural gas is used or in the month a hedge is determined to be ineffective. The Company assesses the effectiveness of a commodity hedge contract based on changes in the contract’s fair value. The changes in the market value of such contracts have historically been, and are expected to continue to be, highly effective at offsetting changes in the price of the hedged items. The amounts representing the ineffectiveness of these cash flow hedges are not signifi cant.

Interest rate hedging: On March 25, 2010, the Company issued $200 million of 5.62 percent Senior Series A Notes due March 25, 2020 (the “Notes”). See Note 11 for additional information regarding the Notes. In conjunction with a plan to issue the Notes and in order to manage exposure to variability in the benchmark interest rate on which the fixed interest rate of the Notes would be based, the Company had previously entered into a Treasury Lock agreement (the “T-Lock”) with respect to $50 million of these borrowings. The T-Lock was designated as a hedge of the variability in cash flows associated with future interest payments caused by market fluctuations in the benchmark interest rate betwee n the time the T-Lock was entered and the time the debt was priced. It is accounted for as a cash flow hedge. The T-Lock expired on April 30, 2009 and the Company paid approximately $6 million, representing the losses on the T-Lock, to settle the agreement. The losses are included in AOCI and are being amortized to financing costs over the ten-year term of the Notes.

At June 30, 2010, the Company’s AOCI account included $5 million of losses (net of tax of $3 million) related to Treasury Lock agreements, of which $3 million (net of tax of $2 million) related to the $50 million T-Lock.

Foreign currency hedging: Due to the Company’s global operations, it is exposed to fluctuations in foreign currency exchange rates. As a result, the Company has exposure to translational foreign exchange risk when its foreign operation results are translated to US dollars (USD) and to transactional foreign exchange risk when transactions not denominated in the functional currency of the operating unit are revalued. The Company primarily uses derivative financial instruments such as foreign currency forward contracts, swaps and options to manage its transactional foreign exchange risk. These derivative financial instruments are primarily accounted for as fair value hedges.&nb sp; At June 30, 2010, the Company had $13 million of net notional foreign currency forward contracts that hedged net liability transactional exposures.

The fair value and balance sheet location of the Company’s derivative instruments accounted for as cash flow hedges are presented below:

	Fair Value of Derivative Instruments
		Fair Value					Fair Value
Derivatives designated as hedging instruments: (in millions)	Balance Sheet Location	At June 30, 2010		At December 31, 2009		Balance Sheet Location	At June 30, 2010		At December 31, 2009

Commodity contracts	Accounts receivable-net	$	2	$	26	Accounts payable and accrued liabilities	$	32	$	18

Total		$	2	$	26		$	32	$	18

At June 30, 2010, the Company had outstanding futures and option contracts that hedge approximately 54 million bushels of forecasted corn purchases. Also at June 30, 2010, the Company had outstanding swap and option contracts that hedge approximately 8 million mmbtu’s of forecasted natural gas purchases.

Additional information relating to the Company’s derivative instruments is presented below (in millions):

Derivatives in	Amount of Gains (Losses) Recognized in OCI on Derivatives					Location of Losses	Amount of Losses Reclassified from AOCI into Income
Cash Flow Hedging Relationships	Three Months Ended June 30, 2010		Three Months Ended June 30, 2009			Reclassified from AOCI into Income	Three Months Ended June 30, 2010		Three Months Ended June 30, 2009
Commodity contracts	$	5	$	(51	)	Cost of sales	$	33	$	98
Interest rate contracts	—		2
Total	$	5	$	(49	)		$	33	$	98

Derivatives in	Amount of Gains (Losses) Recognized in OCI on Derivatives						Location of Losses	Amount of Losses Reclassified from AOCI into Income
Cash Flow Hedging Relationships	Six Months Ended June 30, 2010			Six Months Ended June 30, 2009			Reclassified from AOCI into Income	Six Months Ended June 30, 2010		Six Months Ended June 30, 2009
Commodity contracts	$	(78	)	$	(107	)	Cost of sales	$	71	$	171
Interest rate contracts	—			4
Total	$	(78	)	$	(103	)		$	71	$	171

At June 30, 2010, the Company’s AOCI account included approximately $35 million of losses, net of income taxes, which are expected to be reclassified into earnings during the next twelve months. The Company expects the losses to be offset by changes in the underlying commodities cost.

Presented below are the fair values of the Company’s financial instruments and derivatives for the periods presented:

	As of June 30, 2010								As of December 31, 2009
(in millions)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Available for sale securities	$	5	$	5	$	—	$	—	$	3	$	3	$	—	$	—
Derivative assets	2		2		—		—		26		26		—		—
Derivative liabilities	32		18		14		—		18		2		16		—
Long-term debt	526		—		526		—		407		—		407		—

Level 1 inputs consist of quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for substantially the full term of the financial instrument. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability or can be derived principally from or corroborated by observable market data. Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The carrying values of cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair values. Commodity futures, options and swap contracts, which are designated as hedges of specific volumes of commodities are recognized at fair value. Foreign currency forward contracts, swaps and options hedge transactional foreign exchange risk related to assets and liabilities denominated in currencies other than the functional currency and are recognized at fair value. The fair value of the Company’s long-term debt is estimated based on quotations of major securities dealers who are market makers in the securities. At June 30, 2010, the carrying value and fair value of the Company’s long-term debt was $499 million and $526 million, respectively.

- Definition

Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Additionally, this item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develo p the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2010

Share-Based Compensation

Share-Based Compensation

7. Share-Based Compensation

A summary of information with respect to stock-based compensation is as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in millions)	2010		2009		2010		2009
Total stock-based compensation expense included in net income (loss)	$	3.2	$	1.3	$	6.1	$	2.8
Income tax benefit related to stock-based compensation included in net income (loss)	$	1.1	$	0.5	$	2.0	$	1.0

Stock Options:

Under the Company’s stock incentive plan, stock options are granted at exercise prices that equal the market value of the underlying common stock on the date of grant. The options have a 10 year term and are exercisable upon vesting, which for grants issued in 2007 and thereafter, occurs evenly over a three-year period from the date of the grant. Compensation expense is recognized on a straight-line basis for all awards.

The Company granted non-qualified options to purchase 828 thousand shares of the Company’s common stock during the six months ended June 30, 2010.

The fair value of each option grant was estimated using the Black-Scholes option pricing model with the following assumptions:

	June 30, 2010		June 30, 2009
Expected life (in years)	5.8		5.3
Risk-free interest rate	2.71	%	2.03	%
Expected volatility	33.08	%	31.17	%
Expected dividend yield	1.94	%	2.12	%

The expected life of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns. The risk-free interest rate is based on the US Treasury yield curve in effect at the time of the grant for periods corresponding with the expected life of the options. Expected volatility is based on historical volatilities of the Company’s common stock. Dividend yields are based on historical dividend payments.

Stock option activity for the six months ended June 30, 2010 was as follows:

(dollars and shares in thousands)	Number of Options		Weighted Average Exercise Price		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2009	4,842		$	25.32
Granted	828		28.95
Exercised	(434	)	16.98
Cancelled	(14	)	34.03
Outstanding at June 30, 2010	5,222		26.56		6.44	$	24,845

Exercisable at June 30, 2010	3,634		25.72		5.34	$	21,051

For the six months ended June 30, 2010, cash received from the exercise of stock options was $7 million and the income tax benefit realized from the exercise of stock options was $2 million. As of June 30, 2010, the total remaining unrecognized compensation cost related to stock options approximated $9 million, which will be amortized over the weighted-average period of approximately 1.6 years.

Additional information pertaining to stock option activity is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in thousands, except per share)	2010		2009		2010		2009
Weighted average grant date fair value of stock options granted (per share)	$	10.04	$	6.90	$	8.41	$	6.36
Total intrinsic value of stock options exercised	$	1,208	$	80	$	6,813	$	378

Restricted Shares of Common Stock:

The Company has granted shares of restricted common stock to certain key employees. The restricted shares are subject to cliff vesting, generally for five years provided the employee remains in the service of the Company. The fair value of the restricted stock is determined based upon the number of shares granted and the quoted price of the Company’s stock at the date of the grant. Expense recognized for the three and six months ended June 30, 2010 was $0.8 million and $1.9 million, respectively, as compared to $0.8 million and $1.1 million in the comparable prior year periods.

The following table summarizes restricted share activity for the six months ended June 30, 2010.

(shares in thousands)	Number of Restricted Shares		Weighted Average Fair Value
Non-vested at December 31, 2009	235		$	29.60
Granted	20		28.75
Vested	(74	)	28.90
Cancelled	(4	)	30.38
Non-vested at June 30, 2010	177		29.78

As of June 30, 2010, the total remaining unrecognized compensation cost related to restricted stock was $3 million, which will be amortized on a weighted-average basis over approximately 2.5 years.

Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2010

Net Periodic Benefit Cost

Net Periodic Benefit Cost

8. Net Periodic Benefit Cost

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 9 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.

The following sets forth the components of net periodic benefit cost of the US and non-US defined benefit pension plans for the three and six months ended June 30, 2010 and 2009:

	Three Months Ended June 30,												Six Months Ended June 30,
	US Plans						Non-US Plans						US Plans						Non-US Plans
(in millions)	2010			2009			2010			2009			2010			2009			2010			2009
Service cost	$	0.8		$	0.8		$	0.6		$	0.4		$	1.7		$	1.6		$	1.2		$	0.9
Interest cost	1.1			1.2			1.9			1.7			2.3			2.3			3.9			3.3
Expected return on plan assets	(1.1		)	(1.0		)	(2.2		)	(1.8		)	(2.3		)	(2.0		)	(4.3		)	(3.5		)
Amortization of net actuarial loss	0.3			0.3			0.1			0.1			0.6			0.8			0.2			0.1
Amortization of prior service cost	0.1			0.1			0.2			0.1			0.1			0.1			0.3			0.2
Net pension cost	$	1.2		$	1.4		$	0.6		$	0.5		$	2.4		$	2.8		$	1.3		$	1.0

The Company anticipates that it will make cash contributions of $8 million to its non-US pension plans in 2010 of which $2 million was funded during the first half of 2010. The Company has not yet determined the amount, if any, that it will contribute to its US pension plans in 2010.

The following sets forth the components of net postretirement benefit cost for the three and six months ended June 30, 2010 and 2009:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2010		2009		2010		2009
Service cost	$	0.6	$	0.5	$	1.2	$	1.0
Interest cost	1.0		1.0		2.0		1.9
Amortization of prior service cost	0.1		—		0.1		—
Amortization of net actuarial loss	0.2		0.1		0.4		0.3
Net postretirement benefit cost	$	1.9	$	1.6	$	3.7	$	3.2

Inventories

6 Months Ended

Jun. 30, 2010

Inventories

Inventories

9. Inventories

Inventories are summarized as follows:

(in millions)	At June 30, 2010		At December 31, 2009
Finished and in process	$	173	$	176
Raw materials	162		150
Manufacturing supplies and other	64		68
Total inventories	$	399	$	394

Expiration of Put Option

6 Months Ended

Jun. 30, 2010

Expiration of Put Option

Expiration of Put Option

10. Expiration of Put Option

The Company had an agreement with certain common stockholders (collectively the “holder”), relating to 500,000 shares of the Company’s common stock, that provided the holder with the right to require the Company to repurchase those common shares for cash at a price equal to the average of the closing per share market price of the Company’s common stock for the 20 trading days immediately preceding the date that the holder exercised the put option. This put option was exercisable at any time, until January 2010, when it expired. The shares associated with the put option were classified as redeemable common stock in the Company’s consolidated balance sheet prior to the expiration of the put option. The carrying value of the redeemable common stock was $14 million at December 31, 2009.& nbsp; Effective with the expiration of the agreement, the Company discontinued reporting the shares as redeemable common stock and reclassified the $14 million from redeemable common stock to additional paid-in capital.

Debt Issuance

6 Months Ended

Jun. 30, 2010

Debt Issuance

Debt Issuance

11. Debt Issuance

On March 25, 2010, the Company entered into a Private Shelf Agreement (the “Shelf Facility”) with Prudential Investment Management, Inc. (“Prudential”) providing for the issuance of senior promissory notes (“Shelf Notes”) in an aggregate principal amount of $200 million. The Shelf Notes will rank equally with the Company’s other senior unsecured debt.

On March 25, 2010, pursuant to the Shelf Facility, the Company issued 5.62 percent Senior Series A Notes due March 25, 2020 in an aggregate principal amount of $200 million. Interest on the Notes is required to be paid semi-annually on March 25th and September 25th, beginning in September 2010. The Notes are subject to optional prepayment by the Company at 100 percent of the principal amount plus interest up to the prepayment date and, in certain circumstances, a make-whole amount. Proceeds from the sale of the Notes are being used for general corporate purposes, which includes refinancing of bank debt and/or acquisitions.

The Shelf Facility contains various covenants which are substantially similar to the covenants in the Company’s current revolving credit facility, including financial covenants that require maintenance of a maximum debt to EBITDA ratio and a minimum interest coverage ratio, as well as covenants that restrict the Company’s ability to incur debt, create liens and merge with other entities. The Shelf Facility also contains customary events of default.

In connection with the acquisition of National Starch (see Note 3), the Company has obtained a bridge loan financing commitment of $1.35 billion. In June 2010, the Company paid $16 million of bridge loan commitment fees. These costs are included in prepaid expenses in the Company’s June 30, 2010 Condensed Consolidated Balance Sheet and will be amortized over the life of the bridge loan.

Mexican tax on Beverages Sweetened with HFCS

6 Months Ended

Jun. 30, 2010

Mexican tax on Beverages Sweetened with HFCS

Mexican tax on Beverages Sweetened with HFCS

12. Mexican tax on Beverages Sweetened with HFCS

On January 1, 2002, a discriminatory tax on beverages sweetened with high fructose corn syrup (“HFCS”) approved by the Mexican Congress late in 2001, became effective. In response to the enactment of the tax, which at the time effectively ended the use of HFCS for beverages in Mexico, the Company ceased production of HFCS 55 at its San Juan del Rio plant, one of its three plants in Mexico. Over time, the Company resumed production and sales of HFCS and by 2006 had returned to levels attained prior to the imposition of the tax as a result of certain customers having obtained court rulings exempting them from paying the tax. The Mexican Congress repealed this tax effective January 1, 2007.

On October 21, 2003, the Company submitted, on its own behalf and on behalf of its Mexican affiliate, CPIngredientes, S.A. de C.V. (previously known as Compania Proveedora de Ingredientes), a Request for Institution of Arbitration Proceedings Submitted Pursuant to Chapter 11 of the North American Free Trade Agreement (“NAFTA”) (the “Request”). The Request was submitted to the Additional Office of the International Centre for Settlement of Investment Disputes and was brought against the United Mexican States. In the Request, the Company asserted that the imposition by Mexico of a discriminatory tax on beverages containing HFCS in force from 2002 through 2006 breached various obligations of Mexico under the investment protection provisions of NAFTA. The case was bifurcated into two phases, liability and dama ges, and a hearing on liability was held before a Tribunal in July 2006. In a Decision dated January 15, 2008, the Tribunal unanimously held that Mexico had violated NAFTA Article 1102, National Treatment, by treating beverages sweetened with HFCS produced by foreign companies differently than those sweetened with domestic sugar. In July 2008, a hearing regarding the quantum of damages was held before the same Tribunal. The Company sought damages and pre- and post-judgment interest totaling $288 million through December 31, 2008.

In an award rendered August 18, 2009, the Tribunal awarded damages to CPIngredientes in the amount of $58.4 million, representing lost profits in Mexico as a result of the tax and certain out-of-pocket expenses incurred by CPIngredientes, together with accrued interest. On October 1, 2009, the Company submitted to the Tribunal a request for correction of this award to avoid effective double taxation on the amount of the award in Mexico. On November 16, 2009, the Company preserved its appeal rights by entering a Notice of Application in the Superior Court of Justice of Ontario, Canada requesting set-aside of the payment provisions of the award.

On March 26, 2010, the Tribunal issued a correction of its August 18, 2009 damages award. While the amount of damages has not changed, the decision makes the damages payable to Corn Products International, Inc. instead of CPIngredientes to eliminate double taxation. On June 15, 2010, Mexico preserved its own appeal rights by entering a Notice of Application in the Superior Court of Justice of Ontario, Canada with regard to the Tribunal’s March 26, 2010 correction. The damages awarded by the Tribunal have not been recorded in the Company’s consolidated financial statements.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2010	Aug. 02, 2010
Document and Entity Information
Entity Registrant Name	CORN PRODUCTS INTERNATIONAL INC
Entity Central Index Key	0001046257
Document Type	10-Q
Document Period End Date	Jun. 30, 2010
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		75,257,081
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	Q2