In the global export marketplace, US corn is king. But that may soon change, according to Phillip Abbott, an agricultural economist at Purdue University. He says US dominance in the global corn market is waning as foreign nations that previously relied on the US for corn are growing their own or buying from other countries.
“The US has historically been a very important part of the international corn market,” Abbott says. “Prior to the 2007-08 food crisis and spike in commodity prices, the US exported well over half the amount of corn that entered international markets. Since then, the high prices have caused the rest of the world to expand their production and become more self-sufficient.”