Global corn production forecast in 2017/18 MY reduced by 6 million tons

According to forecasts, the global production of corn in 2017/18 MY will amount to 1.038 billion tons, which is 6.17 million tons less than the September forecast.

This is reported by the US Department of Agriculture (USDA).

At the same time, corn production will decrease by 36.53 million tons as compared to 2016/17 MY (1,075 billion tons).

Global corn export volumes in 2017/18 MY are forecasted at 150.71 million tons, which is 0.13 million tons less than the September forecast, and by 13.09 million tons less than in 2016/17 MY (163.8 million tons).

In the opinion of USDA analysts, the import of corn in 2017/18 MY should amount to 145.81 million tons, which is 8.7 million tons more than the level of 2016/17 MY (137.11 million tons).

Reference: according to the joint project of Latifundist.com and AGCO Harvest Online 2017 as of October 6, 2017, Ukrainian farmers harvested 5 million tons of corn from the area of 1.2 million hectares, with the average yield of 4.42 tons/ha (2016 — 5.40 t/ha).