USDA cut US corn production forecast by almost 10 pct

USDA experts reduced the US corn production forecast in the 2019/20 season by 34.29 million tons (9 per cent) to 347,49 mmt. In the May report, corn yield forecast stood at 381,78 mmt.

According to the June report, corn exports will drop to 54,61 mmt, 2,96 mmt lower from the May forecast — 57,79 mmt).

The forecast for world corn production was reduced to 1,099.19 mmt vs. 1,133.78 mmt in May. In 2018/19, the world corn production reached 1,120.47 mmt.

Corn planting campaign in the United States is carried out on 83 per cent of the planned areas vs. 99 per cent in the corresponding period last year. Corn emerging area is 1.6x lower than the previous year — 62 per cent vs. 93 per cent, USDA reports.

The infographic guide Agribusiness of Ukraine 2017/18 is available by the link.