Oil prominence in Venezuela has indirectly raised international grain prices days after the United States ousted President Nicolás Maduro on January 3. Maduro has since then pleaded not guilty for drug import charges at a New York court on January 5, 2026.
Right after the ouster, oil gained a little after lackluster months amid expectations of a trade crisis for the oil-rich country.
West Texas Intermediate crude for February 2026 delivery edged up US¢6 to $57.38/barrel at the NY Mercantile Exchange.
As a result, grain futures in New York rode a wave of possibilities that biofuel cereals could fill Venezuela-origin crude gap.
Corn for March delivery rose by US¢0.5 day-on-day to $4.38 a bushel while soy for March improved by US¢5.25, to $10.51 a bushel.
March soft red wheat also improved by US¢1.5 daily to $5.08, same as hard red winter by US¢2, to $5.17.
Crude Affects International Biofuels & Grain Rates
Unexpected geopolitical changes in crude trade affect international biofuel rates and in turn grain as the chief raw material.
Although Venezuela produces just 1 million barrels of crude daily, it has huge untapped reserves at 303 billion barrels, per ProFarmer.
President Donald Trump has asserted interest to boost production in the Latin American country and sell the oil to “global customers.” This has stoked fears that current biofuel price highs could only be short-lived.
The comeback of Venezuela’s crude to a currently well-supplied world would indicate less demand for biofuels.
Meantime, the cut supplies keep grain futures strong until such a time when law and order help return trade to normal.
According to the New York Times, people were rushing to buy food and other emergency supplies at supermarkets of the capital Caracas. As such, the grain sector of Venezuela forms the focus of the following stats.
Venezuela Grain Statistics
Venezuela is a key producer of corn and rice in Latin America but still imports both cereals in diverse amounts. The U.S. Department of Agriculture (USDA) puts corn production at par with imports: 1.26 million tonnes (production) and 1.15 million tonnes (imports) for 2025-26. The total consumption of the grain in the country is estimated at 2.8 million tonnes for 2025-26.
All rice production on the other hand averaged 685,000 tonnes in 2025, versus 350,000 tonnes in imports. This is according to the the USDA’s projection in September 2025.
Wheat is the odd grain for it enjoys virtually no home production, with Venezuela relying on imports. A July 2025 estimate by the USDA put 2025-26 imports at 1.5 million tonnes.
Historic cereal production details are per the below data courtesy of the FAOSTAT:
| Year | Corn [tonnes] | Rice [tonnes] |
| 2023 | 2,759,286 | 618,625 |
| 2022 | 2,601,191 | 610,975 |
| 2021 | 2,633,976 | 593,932 |
How much do key grains cost in Venezuela?
Rice retail in Venezuela averages US$1.65 a kg while yellow corn US$440 a tonne as of 2025, according to the USDA. White maize costs more than its yellow equivalent at US$480 a tonne (2025). Some of the chaff from rice and corn go into the animal feed sector.