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Other heavily reliant countries include Indonesia, South Korea and Colombia, as well as many Caribbean, Middle Eastern and North African states. supplies for about half of its wheat and a third of its corn. Mexico, for which corn is a culturally important staple, is reliant on mostly U.S. Egypt, a country prone to unrest and in a particularly delicate political moment, is reliant on imports for about half of its consumption. Japan, the third-largest economy in the world, is reliant on imports for nearly 100 percent of its corn and wheat consumption in addition to its growing reliance on foreign supplies of energy. Limitations in domestic production leave many populations dependent on imports to satisfy consumption.Ī number of globally important countries are reliant on imports for more than half of their consumption. Tropical climates are unsuitable for growing most grains, and deserts with no access to irrigation pose problems for most agriculture. And just as there are countries with agricultural advantages, there are those who find themselves all to easily at the mercy of global markets.
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The result is that weather fluctuations in a handful of key temperate countries can affect people all over the world. The United States alone exports more than 50 percent of the world’s corn. In addition to the former Soviet states and the European Union, the United States, Canada, Argentina and Australia fit this profile. The global corn market is even smaller - 84 percent is exported by just four countries: the United States, Argentina, Ukraine and Brazil. Only a handful of producers have enough arable land to produce more than their populations can consume. Just 7 countries, as well as the European Union, produce 90 percent of globally traded wheat. The reason for this difference is that most global grain producers consume the majority of what they grow. But global trade in these commodities will contract by a larger amount - wheat by 12 percent and corn by 8 percent compared to last year. For corn, global production will be down by just 3 percent. In total, the world’s wheat crop for the 2012-2013 season is expected to decline by 5 percent.
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corn crop, with output this year projected to be down almost 13 percent in one year. In North America, major droughts are affecting the U.S. Together, these countries produce 15 percent of the world’s wheat and this year are expecting more than a thirty percent decline in production from last year. In the former Soviet Union, the grain hubs of Ukraine, Russia and Kazakhstan are all expecting substantial declines in their wheat production. And while high commodity prices may be good news for traders, they spell political turmoil for countries that rely on imports to satisfy domestic consumers. But prices in some areas have hit all-time highs. Although this year's production levels will be a significant decline from last year, they are still likely to be higher than two years ago. Global price indices have started to rise and consumers all over the world are reacting with concern, with good reason. Countries in the Northern Hemisphere are having a dry summer, and it's starting to impact global grain markets - particularly corn and wheat.