In anticipation of the release of the 2020/2021 U.S. Corn Export Cargo Quality Report, the U.S. Grains Council’s (USGC’s) offices in Japan, South Korea and Taiwan jointly hosted a grain market outlook webinar last week to demonstrate the transparency and reliability of the U.S. grain export system to nearly 400 customers.
The cargo quality report measures corn quality at export terminals at the point of loading for international shipment, adding to the picture created by the 2020-2021 U.S. Corn Harvest Quality Report, released earlier this year.
“This virtual event allowed our valued customers from all over Northeast Asia to come together to ask questions about the market and to meet U.S. corn producers,” said Cary Sifferath, USGC senior director of global programs, who oversees USGC offices in Asia. “It is important that we continue to bring information to buyers and end users in the region and create opportunities for connection during this time of travel restrictions.”
All three countries involved in last week’s seminar rank in the top 10 U.S. corn importers. Japan is consistently the second-largest buyer, purchasing more than 10 million metric tons (nearly 395 million bushels) in 2019/2020, equating to 22 percent of all U.S. corn exports. Korea ranked as the fourth largest market at 2.62 million metric tons (103 million bushels). Taiwan rounded out the top 10 at roughly 805,000 metric tons (31.7 million bushels).
Highlights from the webinar included:
– A 2020-21 corn quality report presented by Reece Cannady, USGC manager of global trade, that showed very good corn quality at the destination ports.
– A U.S. grain production system presentation by farmer and Minnesota Corn Research and Promotion Council member Gary Prescher and farmer and Kansas Corn Commission member Kent Moore. This helped attendees learn more about corn quality and 2021 planting season in the United States.
– An analysis of the recent rise in grain prices by Marty Ruikka, president of the ProExporter Network, to help buyers understand the volatility of the futures market.
– A discussion of China’s feed and livestock market by Bryan Lohmar, director of the USGC China office, to help explain to attendees the country’s recent purchasing behavior.
The Council will continue to share corn quality information from the cargo quality report at events around the world over the next several weeks.
About The U.S. Grains Council
The U.S. Grains Council develops export markets for U.S. barley, corn, sorghum and related products including distiller’s dried grains with solubles (DDGS) and ethanol. With full-time presence in 28 locations, the Council operates programs in more than 50 countries and the European Union. The Council believes exports are vital to global economic development and to U.S. agriculture’s profitability. Detailed information about the Council and its programs is online at www.grains.org.