Posted:
June 15, 2009 06:00 AM PDT
AGnet NEWS
Macomb, IL(WIU Ag Dept.)- As we see corn and soybean plants growing, on their journey to harvest, it is easy to forget that millions of corn and soybean acres outside of both Illinois and the United States are also starting on that journey.
The US produces not quite half of the world's corn. China is the world's second leading producer, but their total corn production is only about half of the US. As much corn is grown in Brazil as in Europe, but Brazilian exports are 5 times larger. This season, production in the US and Europe will be down slightly from previous years. However, it is what is happening in the US that is key to world corn prices. Most of the US corn crop remains here - about 40% is used to feed livestock, another 40% is used for food and industrial purposes, including ethanol, and the remaining corn is available for export. While exports take a relatively small amount of the US corn crop, those export amounts are extremely important to the world. Over the past several years, US corn has provided nearly 60% of the world's corn exports. In large part, it is US corn that drives world markets.
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