Maize market in South America

Earlier Report Observations

The maize market in South America grew from 106.3 million tonnes in 2018 to 127.9 million tonnes in 2021. This expansion was initially supported by a record 57 million tonne harvest in Argentina during the 2018-19 season, fueled by favorable weather and strong demand for bioethanol, which accounted for about half of the production. Continued high production in 2019, driven by increased planted area in Argentina, further bolstered supply. In 2020, global supply tightened due to reduced plantings in the United States and U.S.-China trade tensions, which limited export flows and contributed to the rise in domestic market volume.

Market growth continued into 2021, influenced by the Russia-Ukraine conflict which introduced uncertainty into global trade, affecting prices and corn flows to and from South America. However, in 2022, the market contracted to 121.2 million tonnes. A late-season drought in Argentina reduced local supply, while soaring international prices—driven by strong demand for animal protein and smaller plantings in Brazil— incentivized higher exports from the region, drawing volume away from the domestic market.

A modest recovery to 122.6 million tonnes occurred in 2023. Despite an outbreak of the 'Chicharrita' pest in Argentina that destroyed nearly 10 million tonnes of potential production, overall output in the region remained resilient. Ongoing global factors, including the protracted war in Ukraine and Black Sea tensions, continued to influence price volatility and trade patterns, maintaining external pressure on the South American maize market.

Production maize in South America

In kind, 2017-2020, M t

Top producers of maize, 2017-2020

World map of production of maize, 2017-2020

Maize production in South America has increased for the second consecutive year. In 2020, South America produced 176.3 million tonnes of maize, marking a slight increase of 2.6% from 2019. Over the period from 2017 to 2020, production grew by 9.8%, which translates to an annualized growth rate of 3.2%. The lowest production level was recorded in 2018 at 139.2 million tonnes, with the largest decline of 13.3% occurring that year. In contrast, the largest increase of 23.4% was observed in 2019.

Annual dynamics of production in South America in kind, 2017-2020, M t

In value, 2017-2020, M $ US

Maize production in South America has risen for the third consecutive year. In 2020, the output was valued at 32 858 million US dollars, representing a 3.9% increase compared to the previous year. From 2017 to 2020, production value grew by 24.2%, with a compound annual growth rate of 7.5%.

Annual dynamics of production in South America in value, 2017-2020, M $ US

Exports maize from South America

Exports in kind, K t

In 2020, South America exported 66 337 thousand tonnes of maize, indicating an 11.2% reduction from the year before. Between 2017 and 2020, exports increased by 23.1%, equating to an annualized growth rate of 7.2%. The lowest export volume was recorded in 2018 at 44 547 thousand tonnes, with the largest decline of 17.3% occurring that year. The highest export volume was in 2019 at 74 665 thousand tonnes, which saw the largest increase of 67.6%.

Annual dynamics of product's exports from South America in kind, 2017-2020, K t

From 2017 to 2020, maize exports from South America were not heavily concentrated. Vietnam accounted for 14.6% of exports in kind, Egypt for 9.3%, and Iran for 8.1%, with these three countries together capturing only 32.0% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from South America in kind, 2017-2020

Exports in value, M $ US

In 2020, South America exported maize worth 12 362 million US dollars, which is 10.1% lower than the previous year. Between 2017 and 2020, export value increased by 39.3%, with an annualized growth rate of 11.7%. The lowest value was recorded in 2018 at 8 569 million US dollars, while the highest was in 2019 at 13 744 million US dollars, which experienced the largest increase of 60.4%.

Annual dynamics of product's exports from South America in value, 2017-2020, M $ US

An analysis of maize export values from 2017 to 2020 shows a broad distribution across many markets. Vietnam accounted for 14.1% of exports in value terms, Egypt for 9.1%, and Iran for 8.3%, with these three countries together representing only 31.5% of total flows. The remaining 68.5% was distributed among other trading partners.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from South America in value, 2017-2020

Imports maize to South America

Imports in kind, K t

In 2020, South America imported 12 479 thousand tonnes of maize, which is 6.7% lower than in 2019. Between 2017 and 2020, imports increased by 3.8%, with an annualized growth rate of 1.3%. The lowest import volume was in 2018 at 11 587 thousand tonnes, while the highest was in 2019 at 13 380 thousand tonnes, which saw the largest increase of 15.5%.

Annual dynamics of product's imports to South America in kind, 2017-2020, K t

From 2017 to 2020, the key suppliers of maize to South America were the United States and Mexico, whose combined share reached 57.5% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to South America in kind, 2017-2020

Imports in value, M $ US

Foreign maize supplies to South America have increased for the third consecutive year. In 2020, imports were recorded at 3 296 million US dollars, up by 7.4% from the previous year. Over the period from 2017 to 2020, import value grew by 22.5%, with a compound annual growth rate of 7.0%.

Annual dynamics of product's imports to South America in value, 2017-2020, M $ US

From 2017 to 2020, the main group of suppliers for maize imports to South America in value terms consisted of the United States, accounting for 48.4% of imports, Mexico with 7.4%, and Thailand with 0.6%. Together, these countries formed 56.4% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to South America in value, 2017-2020