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Corn imports to Canada from the U.S. hit a record high

Corn imports to Canada from the United States broke a record from January to August 2022, totaling 1.293 billion dollars.

With this, these international purchases registered a growth of 286% at annual rate, according to data from the Department of Commerce.

The largest previous amount was 800 million dollars, for the full year of 20221.

To put the figure in perspective: a decade ago, in all of 2011, corn imports to Canada from the United States were 340 million dollars.

According to Adecoagro, corn is a cereal that is grown all over the world and is one of the most consumed foods.

The main component of corn grain is starch (72 to 73% of the weight of the grain), followed by protein (8 to 11 percent).

Corn grain is used directly for human and animal feed (production of beef, pork, poultry, and dairy products).

Corn is also processed into food and feed ingredients (such as high fructose corn syrup, corn starch and lysine), or industrial products such as ethanol and polylactic acid (PLA).

Oil, flour and sugar are extracted from corn, with various uses in the food, medical and cosmetics industries.

In addition, specific types of corn are used for direct human consumption, such as popcorn and sweet corn.

Corn imports

From January through August 2022, foreign sales of U.S. corn grew at an annual rate of 4.6%, to $15.263 billion.

Of that total, China was the largest importer, with $4.012 billion, followed by Mexico ($3.494 billion), Japan ($2.672 billion) and Canada.

In the United States during 2021, the top four crops (corn, soybeans, wheat, and cotton) accounted for more than 73% of the total financial liability, and approximately 87% of the total U.S. planted acres of the top 10 row crops (which also include barley, peanuts, potatoes, rice, sorghum, and tobacco) were covered by crop insurance, according to White House data.

Producers can purchase yield-based and revenue-based insurance products, which are written based on a producer’s actual production history (APH).

Revenue insurance programs protect against loss of income resulting from low prices, low yields, or a combination of both.

Revenue insurance has enhanced traditional yield insurance by adding price as an insurable component.

 

Redacción Opportimes

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