The worldwide trade of grains and oilseeds (G&O) keeps growing hitting about 880 million metric tons in 2023/24, with a value of around $330 billion, as shown in the sixth edition of RaboResearch's global G&O map.
Wheat still tops the list as the most traded grain worldwide, with an average of 216 million metric tons traded from 2021 to 2023. Vito Martielli, Senior Analyst at RaboResearch, points out that the wheat market has a lot of different players when it comes to production, imports, and exports.
Russia has become the top wheat exporter in the world leaving its rivals far behind. Egypt still holds its spot as the biggest wheat buyer in Africa, while Turkey is turning into a center for wheat purchases and resales. China has boosted its imports because of growing home use in the last five years.
Corn stands as the second most bought and sold grain, with about 193 million metric tons traded each year from 2021 to 2023. Unlike wheat, corn growing and selling is limited to a few countries, with the U.S., Brazil, Argentina, and Ukraine making up 90% of global corn trade.
Soybeans, the most traded oilseed, see an average annual trade of 168 million metric tons. Brazil, the U.S., and a few South American countries dominate production, while Asia and the EU lead in imports.
Martielli points out that developed countries such as those in the EU and Japan show negative import growth because of changes in diet and a drop in animal protein consumption. At the same time, China has become the main force in global soybean trade and crushing. Brazil has risen to become the top producer and exporter.
