USDA global corn ending stocks posted lower than expected: Braun

USDA analysts left the 2020/21 demand and supply outlook for corn mostly unchanged in the March report.

The global corn production is expected at 1,136.31 mln t, 2.26 mln t higher from the previous forecast, and exports at 186.55 mln t, 0.85 mln t higher. The estimate of world corn ending stocks in 2020/21 was revised upward by 1.14 mln t to 287.67 mln t.

"World ending stocks for corn and soybeans came in higher than expected," comments Karen Braun, the Global Agriculture Columnist at Thomson Reuters, on Twitter.

According to her, traders expected ending stocks at 284.23 mln t, 3.44 mln t higher than the USDA's estimate.

Corn projections for Ukraine remain unchanged for the second consecutive month: harvest at 29.5 mln t, export 24 mln, ending stocks 0.89 mln t.

Corn production in Ukraine and worldwide (click for full resolution)

USDA forecasts for the largest exporting countries:

Country Harvest, mln t Export, mln t Ending stocks, mln t
Argentina 47.5 34 2.18 (-0.1)
Brazil 109 39 6.29
Russia 13.87 (-0,13) 3.1 0.74 (-0.03)
South Africa 1.76 (-1.6) 3.2 (+0.2) 2.76 (+0.14)

China's corn import forecast remains at 24 mln t. The country's ending stocks, under the report data, are put at 196.18 mln t.

Corn export prices in February were up 45.5% from the previous year, underpinned by continued strong import demand amidst shrinking export supplies, FAO reports.

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