Japanese buyers return to US corn
Japan is back on top as an importer of US corn, figures show that for this marketing year (2013/2014) exports hit 8.4 million metric tons (331 million bushels).
The crippling drought in the US during 2012/2013 drove the corn export prices to uncompetitive levels, prompting Japanese buyers to look to South America as a corn source. However in 2013, US corn production rose to 355.3 million tons (14.0 billion bushels) which was an all-time high, with an average yield of 160.4 bushels per acre, the second highest recorded. Prices have responded, and Japanese buyers are returning.
“Japan is back as a top US corn importer and was the top US corn importer for January,” said Tommy Hamamoto, US Grain Council’s director in Japan. “This is excellent news for the continuation of a solid trade relationship between these two countries.”
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