U.S. corn exports on record trajectory
The U.S. is exporting corn at an historic pace.
According to USDA export inspections have exceeded 80 million bushels three different weeks since the end of February, and the record for monthly corn exports set in May of 2018 at 305 million bushels is expected to be shattered by the March figure of roughly 361 million.
University of Minnesota Extension grain marketing economist Ed Usset tells Brownfield China is largely responsible.
“Chinese corn imports, the numbers are incredible.”
He says China is forecast to import nearly a billion bushels of corn this marketing year.
“Which is almost four times as large as what they did last year, which was a record.”
Usset identifies several reasons behind China’s appetite for corn, beginning with the need for feed as it rebuilds its hog herd while still dealing with African swine fever. He says Phase One trade commitments and problems with domestic corn production are other factors.