Last week, the U.S. was loading corn to move to Spain and Italy. According to Reuters, ships bound for both countries both had 35,000 tons of U.S. corn each. Russia’s war with Ukraine has buyers scrambling to look for alternative sources. U.S. Grains Council Director for Global Strategies Kurt Shulz calls it a supply readjustment. “We were expecting Spain to come back into the market for U.S. corn once trade duties were removed earlier this year, but Italy is not traditionally a market for us. There’s been a lot of discussion about Italy seeking somewhere around three million tons of corn outside of their traditional supply chain,” says Shulz. “Instead of being a two million ton import market, it could easily grow three times larger. It won’t all be business for the United States, but we’re seeing vessels loaded.”
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