Virtual Grain Exchange Leads to An Increase In U.S. Corn ExportsTo South Korea

The Council hosted the 2020 Virtual Grain Exchange in October to offer U.S. corn and co-products buyers from overseas up-to-date market information and the opportunity to meet U.S. suppliers. Seventy buyers and end-users from the feed and corn processing industries in Korea participated, allowing them to learn about the latest developments in the U.S. grain market and the status of 2020/2021 corn quality.

Following the conference, Korean corn buyers were able to virtually visit farms in Illinois and North Dakota through a virtual trade team, confirming that the 2020/2021 U.S. corn quality was excellent and thereby addressing concerns about the quality of U.S. corn with high BCFM and lower test weights. Through this, Korean buyers regained
confidence in the quality of U.S. corn and the U.S. corn industry’s dedication to sharing information despite restrictions in travel.

Through these programs, not only have Korean corn importers and food manufacturers recognized that the United States is a reliable and transparent supplier of corn and coproducts, but also contributed significantly to the bulk purchase of 3 million tons
(including 2021 supply) of U.S. corn from October to the end of December 2020. These purchase contracts allowed an additional 104,000 tons of U.S. corn valued at $24.8 million to be exported to Korea from October to December in 2020.

In 2020, the Council invested $5,000 of MAP funds to hold the virtual program, boosting sales by $24.8 million and creating an ROI of $4,960 for every $1 of MAP invested.