Cash Strategist 9 11 2024

India's ethonal shift impacts corn trade

While most U.S. farmers are focused on the rapidly approaching harvest season, there were several noteworthy international developments last week worth monitoring.

India looks set to be a global importer of corn in the years ahead, as the government's push to produce more corn-based ethanol has turned Asia's biggest corn exporter into a net importer for the first time in decades.

On average, India exports 2 million to 4 million metric tons of corn annually, but officials estimate 2024 exports falling to just 450,000 metric tons. On the high end, this would be a reduction of nearly 90%. Officials also see imports in 2024 reaching a record 1 million metric tons, with most of this corn sourced from Myanmar and Ukraine due to their use of non-GMO seed. Cotton is the only genetically modified crop...