No Bull | We're #1

April 20

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One funny meme

Only thing the pic is missing is a higher price tag.

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We’re #1!

Last week we spent some time comparing U.S. and Brazilian soybean supply and demand. This week we are taking a closer look at corn, where the U.S. has been the world’s largest producer since… well… forever.

All of these stats are in bushels because here in the U.S. it can be easy to get lost in tonnes unless you are a trader.

While the U.S. is still the #1 producer of corn, it's important to acknowledge that other countries have made sizable increases in production the past two decades.

Since 2000, our share of global corn production has declined from 40% down to 30% as China, Brazil and others have made notable advancements.

The largest increases of the past twenty years were in Brazil whose production is up 200% from 2003 to a record 4.9 billion bushels this year, and Ukraine, who saw an eye-watering 995% increase in production from 2000 to 2021.

Not only is Brazil’s current crop expected to be a record, but exports are projected to be a record as well - taking the #1 spot away from the U.S. for the first time in history (aside from the drought year in 2012).

If there is one thing I want you to remember today - it is this chart: