U.S. Corn Exports Experience Sharp Gains in 2020

WASHINGTON, DC – Strong feed demand in China led to a sharp increase in U.S. corn exports in 2020. With a total 20 percent year-over-year gain ($1.6 billion), China imported $1.2 billion alone to become the third-largest customer for U.S. farmers. Along with the top markets of Mexico and Japan, the top three importing nations account for 62 percent of all U.S. corn exports. According to USDA, U.S. corn is expected to remain competitive in 2021. China’s demand for competitively priced feedstuff should remain strong as its swine sector continues to rebound from African swine fever (ASF). High corn prices in China, which were nearly double those of U.S. corn at the end of January, are also expected to stimulate demand for imports. With reduced competition, U.S. corn is expected to expand its market share in traditional markets in Asia and the Western Hemisphere, while rebuilding market share to countries in North Africa.
(SOURCE: All Ag News)