Global Corn Demand Up: Where is it Going

This week's U.S. Grains Council Chart of the Week shows the USDA's projected global corn trade in 2013/14. According to USDA global corn trade will be 102.1 million metric tons (4 billion bushels) in 2013/14, up from 97.6 million tons (3.8 billion bushels) in 2012/13. The top 10 corn importing countries account for 68 million tons (2.7 billion bushels) – about two-thirds of global corn trade.

Japan will again be the biggest corn importer with 15.1 million tons (594.5 million bushels). Of the top 10 importers, five are located in Asia, two in Latin America and two in Middle East/North Africa. In spite of growing competition from Ukraine and South America, U.S. corn exports are poised to sustain and recover market share in Japan, Korea, Mexico, China, Taiwan and Colombia.

U.S. share of world corn trade has fallen from its historic level between 50 and 60 percent to a low of 18 percent in 2012/13. USDA currently projects that U.S. share will rebound to 31 percent in 2013/14, but established competition from South America and Ukraine will make it difficult for the United States to regain all lost market share.

However, USDA in its 2013 10-year outlook projected that the United States will capture 85 percent of future growth in world corn import demand.

The Council's next Chart of the Week will feature more on global corn markets.