🌽Global #corn export thread🌽
🇺🇸USA, 🇧🇷#Brazil, 🇦🇷#Argentina & 🇺🇦#Ukraine account for 85% of the world's corn exports. But who ships where?
🇺🇸Let's start in top exporter USA. China, Mexico & Japan were the destinations for 69% of all shipments last year.
🇺🇸USA only started shipping heavily to #China again in the last two years, so here is the 3-year average prior to that. Mexico, Japan & South Korea accounted for 58%.
🇧🇷Two-thirds of shipments out of No. 2 #corn exporter #Brazil end up in these seven countries: Iran, Japan, Egypt, Vietnam, Spain, South Korea & Taiwan. That has been true the past 3 years despite annual export volumes varying drastically based on the harvest outcomes.
🇦🇷Moving on to No. 3 #Argentina. This chart from USDA shows Vietnam & South Korea as the top two destinations for Argy #corn last year, accounting for 30% of exports. North African nations accounted for at least 17%, same for other South American countries.
🇺🇦Finally, #Ukraine. Forward export potential is unknown due to the ongoing war, but China has been the leading buyer of its #corn in the last two years. 21% of Ukraine's exports enter Europe via Netherlands or Spain, and Ukraine & Brazil share top customers in Egypt & Iran.
Some key observations to make: China is not among Brazil or Argentina destinations. Also make note of Brazil's top customers and who else supplies them in case dry weather damages its crop. Ukraine would have a tough time making up for any of that, though, at least for now.
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