While the U.S. remains the world’s biggest supplier of corn, American farmers will lose a portion of the global corn market this year.
The Midwest drought devastated the normally robust corn harvest, which has led to higher corn prices and plummeting corn stocks. In a normal year, the U.S. exports more than 1 billion bushels of corn to markets worldwide, but with low domestic supply it’s a tough year for corn exporters – the USDA predicts U.S. corn exports will be at a 40-year low this year.
