USDA’s Foreign Agricultural Service says Mexico will import less corn as its domestic production increases in the 2024-2025 marketing year.
A report from the FAS Mexico City Office says corn exports to Mexico will fall two percent to 23 million metric tons. Production is forecast to jump six percent to 25 million metric tons during the 2024-2025 marketing year.
“The forecast is based on higher-than-average precipitation and gradual recovery of their reservoirs during the summer of 2024 following severe and exceptional drought conditions in the previous market year,” the department said.
Mexico bought $5.39 billion worth of U.S. corn in 2023, making it by far the largest importer. Japan was second at $2.07 billion, and China was third at $1.63 billion. Harvested area in the current marketing year is expected to rise five percent to 15.8 million acres. From January 1 through August 11, precipitation was three percent higher than the 30-year average.
