USDA: Estimate for global corn production in 2017 – 2018 is lowered

In its September report USDA lowered its forecast on global corn production in 2017-2018 by 1 million tonnes compared to the August forecast to 1.032 billion tonnes and given 1.071 billion tonnes in 2016 – 201.

The decline affected crops in the EU to 59.3 million tonnes (60.0 million tonnes in the August forecast and 61.2 million tonnes in the previous season) and Russia to 16 million tonnes (16.5 and 15.3). At the same time, crops in Argentina, Mexico and the United States increased.

Global export of corn will be 152.3 million tonnes (152.18 and 144.5), with estimates for Argentina, Brazil and Uruguay revised.

Global ending stocks of corn in 2017 - 2018. will be 202.46 million tonnes (200.8 and 226.9).

The forecast for the global gross grain production in the new season is again rising to 1.317 billion tonnes.