IGC increased the forecast of corn production in 2018/19 Mr
the experts of the IGC, a new report has increased compared to the July forecast, the world corn production in 2018/19 Mr 12 million tonnes to 1,064 billion tonnes, 19 million tonnes will exceed the harvest season 2017/18.
in addition, 1 million tonnes to 156 million tonnes increased the forecast of world trade in corn, 5 million tonnes will exceed the last MG.
it is Expected that global consumption of corn will increase by 7 million tons to 1,105 billion tonnes, 27 million tonnes higher than the figure recorded the previous season.
Estimate of world corn ending stocks down from July's report were raised by 7 million tonnes to 256 million tonnes, 41 million tonnes lower than the level of the end of the 2017/18 MG.
the increase in the production of corn in the U.S. will be offset by active consumption of corn from producers of ethanol in the US and world importers. Weekly exports of corn from the United States amounted to 1,313 million tons, up 1.88 percent ahead of the level in the corresponding week of last year, and during a season, exported 6.8% more than in the same period in 2017.
by Train the previous week, corn prices in Chicago fell to 142,2 $/t, but on Friday, the decline has stopped due to the growing demand from South Korean refiners that purchased the first batch of corn for delivery in January at a price 209,95 $/t CFR.