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U.S. Imports Historically High Levels of Corn

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  • Description

    FBN’s Jeff Flock on the decline in U.S. corn exports and rising imports.

  • Duration 1:59
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The US may be the world's largest corn producer what it is by the way bad for the first time in history the commodity was actually import and following record prices and -- historic drought.

And adding insult to injury the fiscal cliff compromise is expected to wave a more on supplies -- Jeff Flock is live at the -- -- farms grain elevator in Rochelle Illinois Jeff.

Guys in -- importing.

Historically high levels of corn root for the first time I -- It's because the price -- just to -- Take a look this is maple horse farms this is a huge grain elevator operation those are actually green dryers are looking at right there.

And the -- are pretty full despite the somewhat paltry harpist but I tell you it's difficult to market on the world market take a look at the exports right now.

And what we're doing compared to previous years.

Japan -- exports -- which is huge buyer out by a third Mexico down by a half China more than a half South Korea even worse overall.

-- -- down 48%.

On the year.

And we are now in some places in the country actually importing.

Foreign -- instead of bringing -- the end.

Import it winds up being cheaper less.

Doesn't happen that often but right now it is cheaper for some importers -- out of southeast import grain out South America.

Consider railing in in from the midwest which is short due to the -- last year's drought.

And despite that we still have -- ethanol mandate which a lot of people think it's not such a hot idea when you got high prices like they are right now.

And in addition -- that is part of the fiscal cliff compromise what -- one of those little pork.

Programs -- there.

A tax break for ethanol producers.

News that gobbled up more of that -- and -- apt face for showing us those pictures thank you Jeff Flock from.

Rochelle Illinois were actually I have some family members that attend -- so high hurdles why are Illinois -- status that --

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