S&P Global Energy / Atlas of Food
Corn
Corn is the world’s most widely produced crop. Most of it is used for feeding livestock. In a normal year, the US is the largest exporter.
This is part of the updated Atlas of Food report examining the field-to-fork links between agriculture and protein markets.
Key properties
Global trade of corn is more diversified than for soybeans, the other key input for most animals. China produces 300 million mt of corn compared with less than 20 million mt of soybeans, so is a far less significant importer.
A wider pool of key exporters – the US, Brazil, Argentina and Ukraine – have a greater choice of customers, including Mexico, the EU, Japan and South Korea.
Large-scale cultivation of corn requires more fertilizer than soybeans.
As with other crops, Brazil’s share of trade has trended higher as farmers bring more land into cultivation and improve yields.
Trade flow
The flow of US corn to Mexico is the market’s most significant trade route, capturing 24.5 million mt in MY 2023-24 (September-August) or roughly 13% of global trade. Over the past five years, the US has consistently been the largest exporter of corn to Mexico, averaging 20 million mt and accounting for over 90% of Mexico’s total corn imports.
Brazil overtook the US as the world’s top corn exporter in MY 2022-23 for only the second time in history. The first being 2012-13 due to a U.S. drought. Mexico has increasingly relied on US corn due to its proximity, tariff-free access under the USMCA, and Mexico’s drought-driven demand for feed corn.
In recent years, as Brazil captured new markets like China with competitive pricing, Mexico faced occasional supply pressures from US planting declines and a strong dollar. During these periods, Mexico explored alternative sources like Argentina and Brazil, but the US remained the dominant supplier due to logistical advantages and established trade ties.
The European Union is the second-largest global buyer of corn, primarily sourcing around 55% of its total imports from Ukraine. The US is the second-largest supplier of corn to the European Union, accounting for about 17% of European imports. Asian countries including Japan, South Korea and China are also significant buyers of global corn exports. China is both the world’s second-largest corn producer and a key importer.
The harvest outlook for China in MY 2024-25 is projected at 295 million mt, second only to the US, which is expected to produce 378 million mt. However, for the 2024-25 crop year, China is forecasted to be the fifth-largest corn importer, purchasing 7.2 million mt. This volume is significantly lower than the average of the past five years, during which China imported around 20 million mt. If China meets its projected harvest of 295 million mt in MY 2024-25, it will mark the largest harvest ever recorded in the country, reducing its import needs.
Currently, China's record corn production was in the previous crop year, MY 2023-24, when the country produced 289 million mt.
Price drivers
Processing corn
Corn, also known as maize, is processed in two primary ways: wet milling and dry milling. In wet milling, corn is steeped in water and then separated into starch, fiber, protein (gluten), and oil. This process yields high-fructose corn syrup, corn oil, ethanol, and byproducts like corn gluten feed and meal.
In dry milling, commonly used in the US, corn is ground to produce ethanol, distillers dried grains with solubles (DDGS), and carbon dioxide. According to the USDA, nearly 40% of U.S. corn production is used to produce ethanol. The US is the world’s largest producer and exporter of corn and also dominates the global ethanol market, with Chicago serving as a key benchmark location for corn and ethanol pricing.
Brazil, another major player, uses corn increasingly for biofuel, particularly in its Center-West region, with support from RenovaBio.
For every metric ton of corn processed in dry milling in US, about 378 liters of ethanol, 17 kg of corn oil, and around 320 kg of DDGS are produced (USDA, 2024). DDGS are used in animal feed, adding value to the ethanol production chain.
This translates to approximately 29.8% of the corn mass going into ethanol, 1.7% into corn oil, and 32% into DDGS. The remaining 36.5% accounts for moisture loss, carbon dioxide released during fermentation, and other minor byproducts.
By comparison, milling one metric ton of corn in China typically yields about 650 kg of starch, 100 kg of corn oil, 200 kg of DDGS, and 50 kg of other byproducts, though exact ratios vary by mill efficiency.
These figures correspond to 65% starch, 10% corn oil, 20% DDGS, and 5% other byproducts.
The main products from corn processing are ethanol and DDGS. Ethanol is blended into gasoline for energy security and emissions reduction, mainly sold through refiners and fuel retailers. Pricing is market-based in the US, but government blending mandates influence demand.
DDGS are distributed through bulk transport and exported to markets like China and Vietnam.
Corn is also critical in animal feed. Its high energy content makes it a staple for poultry, hog (pork), and cattle (beef). It provides carbohydrates necessary for growth and weight gain, especially in the early stages of development.
Corn’s versatility extends beyond feed and fuel. Cornstarch thickens soups, HFCS sweetens sodas, and corn oil fries snacks.
Substitutes include sorghum, barley, and wheat, used depending on price and availability. Corn also appears in numerous everyday products cornstarch, sweeteners, cereals, and snacks demonstrating its vast implication in global food and energy systems.
An example of corn usage over time is the rapid increase in its utilization for ethanol in Brazil, as shown in chart above. In the MY 2012-13, production was nearly zero at 0.1 million mt, and it is expected that by the MY 2025-26, corn usage for ethanol will reach 20% of the total in the country.
DDGS
Key properties
Distillers Dried Grains with Solubles (DDGS) is a high-protein co-product of corn-based ethanol production, primarily used in livestock and aquaculture feed. It is rich in protein (typically 26%), relatively high in nutrients, and has high energy value due to its fat and fiber content. This makes DDGS an attractive ingredient in animal feed, particularly for poultry, ruminants, and shrimp.
Top exporters and importers
The US is the world’s largest producer and exporter of DDGS. In 2024, total US DDGS exports reached 12.22 million mt, the second-highest on record. Other significant exporters include Brazil (800,000-1 million mt in 2024), which has recently entered the market, and India (287,593 mt in 2024), which has been increasing its share in global exports. The top DDGS global importers are Mexico, South Korea, Vietnam, Indonesia and Canada.
Authors: Samyak Pandey, Victor Pereira de Carvalho (Corn); Paola Caballeros (DDGS)
Editors: Valarie Jackson, Meghan Gordon
Design: Content Design
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Atlas of Food
Dig deeper into each field-to-fork commodity to learn about its key price drivers, trade flows and processing.