USDA world corn production forecast cut back
The United States Department of Agriculture (USDA) in its January report revised downward the forecast for the world corn production by 10 mln t.
The U.S. corn production forecast decreased by 8.3 mln t compared with the December forecast (368.5 mln t). Experts also lowered estimates of exports and ending stocks to 64.7 mln t and 39.4 mln t, respectively.
Under the report, the estimates of corn exports and ending stocks remained unchanged for Argentina. At the same time, the country's production potential was reduced to 47.5 mln t (49 mln t in the December report).
The forecast for Brazil corn production was set at 109 mln t.
China's import potential was revised upward to 17.5 mln t.
No changes have been made with regard to corn beginning stocks in Ukraine — 0.89 mln t.
Related: Thumbs up or Thumbs Down: Does the Booming Corn Export Endanger the Domestic Market?
The estimate of global corn ending stocks was cut by 5.1 mln t to 283.8 mln t (December report: 288.96 mln t).
As a reminder, in Q4 2020, corn export shipment from Ukraine totalled USD 1.64 bln, 8% higher YoY (Q4 2019: USD 1.52 bln).