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Economy
How grain actually moves
Wheat, maize, and rice cross borders as balance sheets before they cross them as ships.
Black Sea · Mekong · Paraná · 4 November 2025
Long before wheat, maize, and rice cross oceans in ships, they cross borders as contracts and balance sheets in offices. Balance sheets published by agencies like the FAO (detailing production, trade and year-end stocks) reveal how concentrated the grain trade is.source 1 A small group of exporters still supplies a large share of traded wheat, and as AMIS data show, when a trade corridor slows, the paper trail makes clear which importing country will see the delay become a domestic question.source 2 However, reading these balance sheets accurately means noticing the gaps: sacks that never reach customs, cargo refused for quality, or harvest lost before the farm gate never make it into the official record.source 1
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