US corn exports to Egypt go from zero to millions
In the marketing year 2012/2013 the United States export absolutely no corn to Egypt and now only 32 days into the new marketing year (02 Oct) have already exported a remarkable 270,600 tons (10.7 million bushels).
And in the previous marketing year ending Aug. 31, US corn exports to Egypt rebounded to 2.6 million metric tons (102.4 million bushels).
“It is easy to say the United States has returned as one of their major suppliers of corn to Egypt,” said US Grains Council Regional Director of the Middle East and Africa Cary Sifferath. “While Brazil, Argentina, Ukraine and other Black Sea origin corn still went to Egypt during the 2013/2014 marketing year, having US market share go from zero to roughly 45% in one year is a major move.”
US corn has been arriving in Egypt regularly each month in the 2014 calendar year, with no Ukrainian corn or other Black Sea origin corn coming in during the summer months. However, Black Sea origin corn did come in September, with more expected this month and next as new crop Ukrainian corn becomes ready for export.
“Egypt imported 6.177 million tons (243 million bushels) of corn from all destinations during the first nine months of 2014 and is now experiencing a surplus of corn in the country,” Sifferath said. “However, Egypt should still easily import 6.9 to 7.2 million tons (272 to 283 million bushels) of corn in 2014.”
That would be an increase from 6 million tons (236 million bushels) in 2013 and 5.8 million tons (228 million bushels) in 2012.
“This means in Egypt, demand for corn is not falling, but rather growing during the past two years after a down year in 2012,” Sifferath said.
The Council will work to carry this momentum into the 2014/2015 marketing year as a record U.S. corn crop is harvested.
[Source: US Grains Council]
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