USDA increased the forecast of production and consumption of corn
the new USDA report has increased in comparison with the January forecast, the estimate of world production, consumption and exports of corn in season 2016/17 MG.
World production will grow by 2.3 million tons to 1,040 billion tonnes, which exceeds the record of the season 2014/15 in 1,015 billion tons Estimate of the corn crop in Mexico increased by 1.5 MMT to a record 26 million tons, in Ukraine – by 1 million tons to 28 million tons.
World consumption will increase by 2.3 million tons to 1,033 billion tons, the Forecast of consumption of China increased by 4 million tons due to a sharp reduction in imports of other coarse grains, caused by low corn prices due to government support programs. For the United States, the estimated consumption grew by 0.9 million tons.
world weather Forecast export will increase by 0.9 million tons to 149 million tons thanks to the Ukraine (+0.7 million tons) and Canada (+0.2 million tonnes).
the End inventory will decrease to 3.4 million tons but will remain at a record level of 217,6 million tons of inventory Valuation decreased for China (-4 million tons), USA (-0,9 million tons) and the EU (-0,3 million tonnes) and increased for Mexico (+0.4 million tons) and Paraguay.