World corn production in 2020/21 MG will grow by almost 50 million tons despite the decline in harvest in the United States
According to analysts, the experts, the USDA lowered the estimate of corn production for the United States, resulting in reduced global supply and ending stocks in 2020/21 MG.
the Forecasts of corn production in the United States significantly affect the world balance and prices in the current season. In March, USDA estimated the corn crop in the U.S. at 406 million tonnes due to increasing acreage, against the backdrop of the quarantine led to the fall of stock prices up to 120-125 $/t Late crop forecast reduced in August the report was increased from 381 to 388 million tons, and in September again reduced by 9.61 million tonnes to 378,47 million tons, still considerably exceed 345,9 million tonnes 2019/20 season.
Due to lower forecast corn exports from the U.S. to 2019/20 Mr 44,83 up from 45.6 million t estimate the initial stocks in 2020/21 MG increased by 0.64 million tonnes to million tonnes 57,23 However, the increase in exports in the new season by 2.54 million tonnes to 59,06 million tonnes will lead to a reduction of ending stocks in the United States by 6.44 million tonnes to 63,57 million tons.
compared with the August report, evaluation of the world's initial stocks of corn is reduced by 2.15 million tonnes to 309,15 million tons, compared with 320 million tonnes in 2019/20 MG due to the reduction of stocks in China to 3 million tonnes amid a sharp increase in consumption due to the recovery of the pigs.
Forecast world production of corn in 2020/21 MG reduced by 8.65 million tonnes to 1,1624 billion tons (1,112 billion tonnes in 2019/20 Mr), in particular for the United States at 9.61 million tonnes, the EU and 1.5 million tonnes, 1 million tonnes, whereas for Brazil it increased by 3 million tons For the Ukraine crop estimate was left at 38.5 million tonnes, while local analysts have lowered forecasts to 32-35,3 million tons.
Forecast world consumption of corn left almost unchanged at 1,1648 billion tons (1,121 billion tonnes in 2019/20 MG), primarily due to the increase of consumption in China to 2 mln t, in Brazil at 2 million tons, consumption is Forecast for the US decreased by 5 million tonnes to 313,7 million tonnes compared to 301,4 million tons of the previous season and can reduce even more due to reduced ethanol production.
Evaluation world exports of corn in 2020/21 MG increased by 1.37 million tons to 186 million tons thanks to increased exports to the U.S. by 2.5 million tons and Brazil at 1 million tonnes, while for Ukraine it was reduced by 1 million tons, and for Russia by 0.5 million tons Forecast corn imports for China, left at 7 million tonnes, despite active purchases in the United States and Ukraine.
a Sharp decline in the valuation of world ending stocks of corn in 2020/21 MG by 10.67 million tonnes (5 million tons for China, and 6.5 million tons for the United States) to 306,79 million tonnes, surprised experts, who had expected stocks at the level 311,3 million t. against this background, the corn futures on Friday rose by 1.2% to of 145, 4 $/t
