Experts, the USDA increased the forecast of world production and consumption of corn in 2020/21 MG

In the June USDA report, the experts almost did not change the balance of corn for the United States, whereas forecasts of world production and consumption of grain has increased, and estimates of initial and final stocks reduced.

So, compared with the may estimate of forecast of the world corn crop in 2020/21 MG increased from 1,187 to 1,188 billion UAH, whereas in 2019/20 MG it amounted to 1,113 billion tons In particular for Brazil's production estimate was increased from 106 to 107 million tons compared to 101 million tons.

the Forecast of world consumption of corn increased compared with the may assessment from 1,162 to 1,164 billion tons (in 2019/20 MG it amounted to 1.12 billion tonnes), primarily due to the growth of consumption in China by 1 million tonnes to 276 million tonnes and India by 0.1 million tons to 28.2 million tons.

the Forecast of corn exports in 2020/21 MG increased by 0.2 million tonnes to kt 182.8 million tons, while the estimate of world ending stocks was reduced by 1.7 million tonnes to 337,9 million tonnes, as a result of their reduction in China from 200 to 198 million tons, Argentina – from 4.9 to 3.9 million tons, which will be partially offset by increases in Brazil from 5.9 to 6.9 million tons.

Despite the neutral overall balance, corn futures in Chicago rose marginally amid stable export of grain from the United States, who last week increased by 4% to 1.2 million tons and only season was 30.2 million tons with total sales of 41.1 million tons for several weeks, corn export is kept at 1.2 million tonnes, which will enable us to reach USDA's projected export volume of corn in 2019/20 Mr - 45 million tons.