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November 2020 | Vol. 8 / No. 7

The relationship between crude oil prices and export prices of major agricultural commodities

By Kevin M. Camp

Corn, soybeans, and wheat are important export crops in the United States. Combined, these commodities make up a large portion of staple foods and animal feed consumed worldwide. On an annual basis, the United States typically ranks as the world’s largest corn exporter. U.S. exports accounted for about 36 percent of global corn trade in 2016–17. For soybeans, the United States is among the world’s largest exporters, with a global trade share close to 40 percent in 2016–17. The U.S. share of world wheat exports has declined in recent decades. Nonetheless, the United States remains one of the largest wheat exporters worldwide, accounting for nearly 16 percent of world wheat production in 2016–17.1


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This Beyond the Numbers article was prepared by Kevin Camp, an economist in the Office of Prices and Living Conditions, U.S. Bureau of Labor Statistics. For more information, contact Kevin Camp at telephone: (202) 691-7166 or

Information in this article will be made available upon request to individuals with sensory impairments. Voice phone: (202) 691-5200. Federal Relay Service: 1-800-877-8339. This article is in the public domain and may be reproduced without permission.

Suggested citation:

Kevin M. Camp, “The relationship between crude oil prices and export prices of major agricultural commodities,” Beyond the Numbers: Global Economy, vol. 8, no. 7 (U.S. Bureau of Labor Statistics, November 2020),

Publish Date: Wednesday, November 18, 2020