Wow I had to pull the “way back” machine out for this one.

As noted above.. 1993 was the year of the floods.. a slow moving train wreck where “rain doesn’t always make grain.” As prices rallied into that fall harvest.. Then with ample sub soil.. 1994 was a banner year..  

However in 1995.. China decided to secure stocks.. It was the first emergence in a big way.. as the US sold China almost $600 million of corn vs nil.. the year before.. adding an extra $1.5 billion for all crops that year.

We hadn’t seen that much inf exports since the 1970s and early 1980s.. talk of granting Most favored trading status.. followed.

https://www.everycrsreport.com/files/19970623_97-639_28fa80e0044d267a40b081912d8f02d9cec23eb6.pdf

and slowly China became a force in world trade.. which prompted tremendous growth of South American production.  So as we witnessed when one side Chinese demand.. or lack there of.. OR South America stubs it’s production toe.. we the US in our “residual supplier” role… filled the gap(s)