The United States is the world’s leading corn producer and exporter, according to the U.S. Department of Agriculture (USDA).

For the 2022-23 crop year, the USDA estimates that the United States will produce approximately 30% of all corn worldwide, of which about 14% will be exported.

For 2022-23, according to USDA reports on January 12, 2023, global consumption of 1,165 million tons is expected to be slightly higher than world production of 1,156 million tons.

If global corn demand does not match global supply, this may have an impact on corn prices.

In addition to the United States, other major world corn exporters include Argentina, Brazil, Russia, South Africa and Ukraine.

Major importing countries include Mexico, Japan, the European Union (EU), South Korea, Egypt and parts of Southeast Asia.

Teucrium Commodity Trust reports that China’s production of 277 million tons is about 7% less than its domestic use.

Leading Producer

According to the USDA, world corn consumption has increased 598% from the 1960/1961 crop year to 2022/2023, and consumption is expected to continue to grow in the coming years.

This growth is the result of a combination of many factors, including: world population growth, which, according to the U.S. Census Bureau, is estimated to reach 9.7 billion by 2050; a growing global middle class that is increasing demand for protein and meat products worldwide and, most significantly, in developing countries; and increased use of biofuels, including ethanol in the United States.

Corn is currently the most widely produced livestock feed grain in the United States.

The two largest demands on the U.S. corn crop are for livestock feed and ethanol production.

Corn is also processed into food and industrial products, including starch, sweeteners, corn oil, beverages and industrial alcohol.

Overall, Russia’s invasion of Ukraine has had adverse effects on regional and global economic markets and has caused volatility in corn prices and corn futures.