USDA raised its forecast of global corn production to 2017/18 MG
In the updated balance experts USDA increased the forecast of the world production of corn in 2017/18 MG in relation to the September report by 6 million tonnes to 1,038 billion tons, which will yield 1,075 billion tonnes of 2016/17 season.
Assessment of production is most increased for the United States – reached 360.3 to 362,7 mln tonnes (against 384,7 million tonnes the previous season), Canada – from 13.9 to 14.1 (13,2) million tonnes, Nigeria from 6.9 to 10.5 (10,75) mln t, and Mexico – with 26 to 26.2 (27,56) million tons.
For Ukraine, the crop forecast decreased from 27.5 to 27 million tonnes against 28 million tonnes in the past MG.
Evaluation world exports of corn was reduced by 2 million tonnes to 150,9 million tons, down 9.1 million tons exceeds that of the 2016/17 season. The export forecast is reduced for most of Argentina – from 28 to 27 million tons (compared to 23.5 million tons last season), Russia, from 6 to 5.5 mln t and Ukraine from 22 to 21.5 million tons, which would correspond to the level of the previous MG.
Inevaluation world ending stocks reduced by 2 million tonnes to 200 million tonnes, which will be the lowest level in 2014/15. Most stock will be reduced in China – 79,19 to 81,3 million tons (against of 101.3 million tonnes of 2016/17 season). However, the inventory forecast for Argentina increased from 4.57 to 6.07 (5,56) mln t and the USA – from 59.3 to 59.4 (58,3) million tons.