In 2012/2013 corn marketing year, some of the top markets for U.S. corn, including Japan, were forced to diversify sourcing due to a tight supply of U.S. corn. The good news, according to buyer feedback from the U.S. Grains Council’s annual Japanese Corn Outlook Conference in Tokyo, is that the U.S. corn market share in Japan will likely rebound to 60-70 percent in early 2014.
The Japanese Corn Outlook Conference is an annual event promoting the United States as a reliable long-term supplier of high quality corn to Japan. The conference also reinforces the strong historic agricultural ties between the United States and Japan, a partnership the Council helped found following the still-remembered “hog lift” more than 50 years ago.
“U.S. corn growers recognize Japan’s preference for U.S. corn,” said Iowa Corn Growers Association District 8 Director Kyle Phillips, who attended this year’s Conference. “They realize Japanese customers rely on a stable supply of high quality corn, which is why U.S. corn growers use developments in genetics and agronomic technologies to expand yield and improve quality of their end product.”
At the conference, the latest information on U.S. corn quality, supply, production and demand, including the Council’s 2013/2014 Corn Harvest Quality Report, was presented.
“U.S. corn growers appreciate the long-term relationship with Japan and hope that by providing Japanese customers with reliable and timely information, like the 2013/2014 Corn Harvest Quality Report, we can continue to strengthen these ties,” said Iowa Corn Promotion Board District 8 Director Duane Aistrope, another attendee.
While U.S. market share in Japan was affected last year by the drought, Japanese buyers are returning to U.S. sourcing. While competition is here to stay, and while estimates vary, Conference participants made clear that they anticipated a strong recovery of U.S. sourcing, with the projection of a 60-70 percent market share offered by a long-time and highly respected Council contact in Japan.