U.S.: Maize Market 2024

Maize Market Size in the U.S.

After two years of decline, the U.S. maize market increased by 1.4% to $X in 2022. Over the period under review, consumption recorded a slight shrinkage. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Maize Production in the U.S.

In value terms, maize production fell to $X in 2022. In general, production showed a pronounced decrease. The most prominent rate of growth was recorded in 2013 with an increase of 19% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

The average yield of maize in the United States shrank slightly to X tons per ha in 2022, waning by -1.5% against 2021 figures. The yield figure increased at an average annual rate of +3.5% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2013 when the yield increased by 28%. Over the period under review, the average maize yield attained the maximum level at X tons per ha in 2016; however, from 2017 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of maize were harvested in the United States; dropping by -1.8% against 2021 figures. Overall, the harvested area saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 7.4%. The maize harvested area peaked at X ha in 2013; however, from 2014 to 2022, the harvested area remained at a lower figure.

Maize Exports

Exports from the U.S.

In 2022, shipments abroad of maize decreased by -16.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 49% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize exports dropped to $X in 2022. Over the period under review, exports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of 98% against the previous year. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

China (X tons), Mexico (X tons) and Japan (X tons) were the main destinations of maize exports from the United States, together comprising 70% of total exports. Canada, Colombia, South Korea and Guatemala lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of +28.9%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Mexico ($X) and Japan ($X) constituted the largest markets for maize exported from the United States worldwide, together accounting for 70% of total exports. Canada, Colombia, South Korea and Guatemala lagged somewhat behind, together accounting for a further 17%.

In terms of the main countries of destination, Colombia, with a CAGR of +27.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average maize export price stood at $X per ton in 2022, jumping by 19% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 48% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and Japan ($X per ton), while the average price for exports to Canada ($X per ton) and Guatemala ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Maize Imports

Imports into the U.S.

For the third consecutive year, the United States recorded decline in purchases abroad of maize, which decreased by -7.1% to X tons in 2022. Over the period under review, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 with an increase of 74%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, maize imports reached $X in 2022. In general, imports saw a abrupt setback. The growth pace was the most rapid in 2013 when imports increased by 61%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Canada (X tons), Argentina (X tons) and Brazil (X tons) were the main suppliers of maize imports to the United States, together accounting for 88% of total imports. Romania, Mexico, Chile and Turkey lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for Romania (with a CAGR of +21.7%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Canada ($X), Argentina ($X) and Chile ($X) appeared to be the largest maize suppliers to the United States, together comprising 75% of total imports. Brazil, Mexico, Romania and Turkey lagged somewhat behind, together accounting for a further 22%.

In terms of the main suppliers, Romania, with a CAGR of +11.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average maize import price amounted to $X per ton, picking up by 8.8% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 52% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Chile ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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