Trade up with one month of reporting remaining
It’s been a strong year for international sales of U.S. corn, ethanol, and corn co-products, according to the latest U.S. Grains Council (USGC) data, with countries worldwide increasing purchases of American grains.
As of July, U.S. corn exports were up 34.3% year over year during the 2024 marketing year, which ended in August. Meanwhile, ethanol exports were up 42.9% year over year, and dried distillers grains with solubles (DDGS) exports were up 14.8%, according to USGC.
Given the importance of international trade to Minnesota’s family corn farmers, and to ensure a robust global food supply, Minnesota Corn invests corn check-off funds in efforts to build markets worldwide. The following is a snapshot of Minnesota Corn’s market development efforts in 2024.
Building international markets for corn exports
In partnership with USGC and the Minnesota Department of Agriculture (MDA), Minnesota Corn provides opportunities for international buyers of feed grains to meet with domestic producers through trade missions and by hosting international trade teams. Trade teams are comprised of buyers, government officials, and other stakeholders, and they visit various segments of the domestic feed grain supply chain.
For example, in October, Minnesota Corn will host a Taiwanese DDGS delegation in partnership with USGC. The team will participate in Export Exchange 2024 and visit ethanol/DDGS plants, corn farms, feed mills, container yards, and port facilities for exporting DDGS and corn. They’ll also talk with DDGS traders. The specific goals of the trip are to convince delegates of the capabilities of the U.S. supply chain, educate them on the advantages of U.S. grains, and enhance their confidence in using more U.S. grains and DDGS.
Hosting the delegation isn’t Minnesota Corn’s only effort when it comes to Taiwan. Minnesota Corn also supports MDA’s trade representative position in Taiwan, which is aimed at promoting the export of the state’s food and agricultural products. Thanks in part to that support, the Taiwan Feed Industry Association pledged in September 2022 to purchase roughly $600 million in U.S. corn and DDGS.
Overall, U.S. corn exports to Taiwan are up 162.1% year over year in 2024 and ethanol exports are up 207.7%, according to USGC. Taiwan has been the seventh largest international buyer of U.S. corn during the 2024 marketing year.
In addition to hosting a Taiwanese delegation, this summer, Minnesota Corn hosted an Indian delegation comprised of dairy, feed, and ethanol producers. India continues to import record levels of U.S. ethanol for industrial use, according to USGC, which notes that U.S. ethanol exports to the country are up 237.9% year over year.
Minnesota Corn also participated this summer in a roundtable discussion with United Kingdom agriculture officials. Minnesota Corn Growers Association (MCGA) board member Blair Hoseth represented the organization at the meeting. The U.K. continues to increase U.S. ethanol imports and is on track to become the second largest U.S. ethanol importer behind Canada.
Checking in on international markets
Minnesota Corn has also participated in trade missions abroad aimed at providing additional perspective on important international markets. This past January, for example, Minnesota Corn Research & Promotion Council member Jim O’Connor participated in USGC’s presentation of its first-point-of-sale report to grain buyers in South Korea. The country is one of the leading purchasers of U.S. corn, DDGS, and ethanol.
Meanwhile, MCGA President Dana Allen-Tully joined an MDA trade mission to Morocco aimed at promoting Minnesota grains to feed mills in the country. MDA sees opportunities to increase Minnesota’s grain exports to Morocco, given its growing feed market and free trade agreement with the U.S.
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