US corn exports pivot to new markets, driving growth | Chart of the month

This chart highlights a structural shift in US corn export demand. Nearly two thirds of the year over year increase in US export sales is coming from new and nontraditional destination markets, rather than increased buying from established customers. Much of this growth is concentrated in destinations such as South Korea, Taiwan, Spain and Vietnam, with additional support from a broad range of smaller markets. This matters because it shows the United States increasingly acting as the marginal supplier to the world. When US prices are competitive, new demand emerges across regions, sustaining export volumes even as traditional buyers step back.

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