Current Situation in Corn Grain Market
In Ukraine, corn harvest is 96% complete with 27.9 MMT produced. Thus the previous estimation made by USDA remains intact at the level of 28.5 MMT. However, trade sources estimate the outcome to be within the range of 28 MMT to 32 MMT. Corn export forecast is higher for Ukraine but lowered for the EU.
Based on production volume, corn is the most important grain in the world. The US is the world-leading producer accounting for over a third of global supply. What is interesting is that even if only approximately 13% of the country’s annual yield is exported, the US remains the largest exporter of maize with a 38% market share. The most important destinations of this trade flow are Mexico, Japan, and Colombia.
The biggest demand for corn import comes from Japan and add up to 9% of the total market share. Next comes Mexico (8,5%), South Korea (6,4%), Spain (5,4%), and Vietnam (5,3% of total imports in 2019). Spain was one of the fastest-growing markets for maize and since 2015 rose by 37,6%.
When it comes to Europe, Ukraine holds the first position of exporter of the highest dollar value worth of corn during 2019. It equals a 10% share of the global corn market. The second biggest maize producer is France and the third – Romania.
The production and trade of this grain are of big importance to the world. In the US it accounts for more than 95 percent of total feed grain production and use.