A report published by the U.S. Grains Council has good news for the grain industry. Exports of U.S. feed grains were promising in the first quarter of the 2016/2017 market year, rising 32 percent over the same quarter last year. Many are hopeful that this strong first quarter, combined with the USDA’s latest full-year forecast, could foretell a higher marketing year.
Exports increases are mostly thanks to corn exports to Mexico, Japan and South Korea, with Mexico importing 128.9 million bushels, 18 percent more than 2015/2016 first quarter. Corn exports to Japan are up 72 percent to 110.6 million and South Korea received 62.4 million. Peru, Nicaragua, Panama, Taiwan and Indonesia also contributed to the rise in exports. Ethanol also played an important role, with the U.S. sending 353 million gallons overseas.
The U.S. Grains Council’s global staff is continuing its marketing push to increase near-term sales and, ultimately, help support farmer price in a time of high production and an unsure farm economy. This work compliments the long-term demand building work done by the Council in more than 50 countries for grain and grain products.