The USDA increased its forecast of the corn crop and the collapse of prices
the USDA increased the forecast of the world production of corn in season 2016/17 MG in comparison with the previous report on 9.03 million tons to a record 1049,2 million tons, which is 9% higher than the previous season. Most of the increased crop estimate for Argentina by 1 million tons to 37.5 million tons, and Brazil – 5 million tons to 91.5 million tons. Thanks to favorable weather COUPLES will gather 14.6 million tons, 1.6 million tons above the previous estimate.
Evaluation world consumption of corn increased 6.4 million tons to 1039,43 million tons, with Brazil and South Africa.
export capacity increased by 3.95 million tons to 152,9 million tons, also by Brazil (+3 million tonnes), Argentina and South Africa (up 0.5 million tons each).
Evaluation world ending stocks increased by 3.12 million tons to a record million 220,68. tone. Most of all they raised for Brazil, Argentina, South Africa and the EU.
Almost no change was the forecast balance of production and consumption of corn for the United States, the largest producer and exporter of grain.
On U.S. exchanges, the price of corn fell another 3 $/t to 144,09 $/ton.
In Europe and in Ukraine corn prices remain unchanged.