News & Events
Trade teams from South Korea have met face-to-face with U.S. farmers and grain suppliers in eight states in the last three months - all part of work by the U.S. Grains Council (USGC) to secure and expand U.S. exports to the third largest market for U.S. corn and distiller’s dried grains with solubles (DDGS).
A statement from the U.S. Grains Council (USGC):
"The Council strongly opposes withdrawal from the U.S.-Korea Free Trade Agreement (KORUS), an action that will lead to immediate and sustained losses in sales to our third largest corn customer.
"South Korea is an example of the transformational partnership available to U.S. grain farmers and their global customers through strong trade policy and overseas market development.
The Office of the U.S. Trade Representative announced this week it would begin a reexamination of the U.S.-Korea Free Trade Agreement (KORUS) by formally notifying South Korea the United States will call a special joint committee meeting to discuss the trade agreement and consider changes.
Exports are brokered across continents, but customers still appreciate the opportunity to talk face-to-face with their suppliers – particularly U.S. farmers.
Developing markets for U.S. ethanol involves a complex combination of trade policy and marketing work. Two U.S. Grains Council (USGC) activities this past week aimed to not only provide insights on ethanol policy development with a role for trade, but also exchange information with government officials, traders and even consumers about the environmental, health and economic benefits of increased ethanol use.
Recent events in foreign policy and the ongoing conversation about the value of U.S. trade agreements have put a spotlight on South Korea as a close U.S. ally and an important customer for U.S. products, including grains.
South Korea is now the fifth largest market for U.S. agricultural exports, totaling $6.2 billion in purchases in 2016. The country was the fourth largest importer of both U.S. corn and distiller's dried grains with solubles (DDGS) as well as the seventh largest importer of U.S. barley in the 2015/2016 marketing year.
Ninety-six percent of feed millers in South Korea now include U.S. distiller’s dried grains with solubles (DDGS) in their rations for the country’s livestock and poultry industries, thanks in part to work started by the U.S. Grains Council (USGC) in 2004 to introduce this feed ingredient.
The U.S. Grains Council (USGC) recently released a new batch of online videos highlighting the importance of building and maintaining trading relationships and the work the Council does in grain markets around the world.
Exports of U.S. ethanol are off to a strong start for the first quarter of the 2016/2017 marketing year and are at their highest levels during that time frame over the past five years, according to data recently released by the U.S. Department of Agriculture's Global Agricultural Trade System (GATS).
Exports totaled 353.2 million gallons for the months of September, October and November 2016, the first quarter of marketing year 2016/2017.