U.S. corn exports for the 2012/13 season fell to just over 700 million bushels, the lowest level in decades. With that level of exports, the U.S. fell to third place among world exporters with Brazil’s exports at 866 million bushels and Argentina at 750 million.
Only a few years ago the U.S. accounted for more than 60 percent of world trade with Argentina in second place at 15 percent.
Late in 2013, China’s rejection of U.S. corn and DDG exports had an adverse impact on crop markets.
It is impossible to know how things will turn out in 2014, but another year of accumulating corn stocks seems likely. For 2013/14, production is expected to exceed demand by about 1 billion bushels, even with the national average yield below trend. We could add about another 1 billion bushels in 2014 if yields are near trend.