USDA report predicts how the U.S. will stand on the world’s crop production and trade over the next decade
The United States is expected to continue to be the largest corn exporter in the world through 2029.
That’s according to the US Department of Agriculture’s latest report on crop projections over the next decade.
The report, which was released on Friday, November 1, breaks down projections for: soybeans, corn, wheat, rice, cotton, and sugar.
“The United States has a long history of efficiently producing grains, oil seeds, cotton, and numerous other crops, which has given it a prominent role in international commodity markets,” read the report. “That role is now diminishing as the United States faces increased export competition from other suppliers.”
The demand by Mexico is expected to keep the U.S. as the top corn exporter through 2029, according to the report. The U.S.’s high-quality long-grain rice exports are expected to slowly grow.
The USDA said Argentina, Australia, Brazil, India, Russia and Ukraine have created more efficiencies, policies, and trade agreements, which have reduced the United States’ export market shares.
“Such competition will continue in the future, putting pressure on U.S. producers to increase efficiency and continue reducing production costs,” read the report.