USDA raised its forecast for global corn crop in 2017/18

In its November report, USDA, raised global corn production in 2017/2018 by 5 million tonnes to 1 043 million tonnes.

Crop in the US is raised to 370.3 million tonnes compared to the October forecast of 362.7 million tonnes and 384.7 million tonnes in 2016/17. The forecast for corn crop in the EU is also raised to 59.6 million tonnes (59.4 and 61). The forecast for corn crop in Ukraine is lowered to 25 million tonnes (27 and 28).

Global corn export  will be 151.4 million tonnes (150.9 tonnes), mainly due to the US 48.5 million tonnes (47).

The forecast for global corn ending stocks is raised by 3 million tonnes to 203.8 million tonnes (200.9), incl. the United States 63.2 million tonnes (59.4), Argentina 6.3 million tonnes (6.1) and the EU 6.5 million tonnes (6.3). A decline in the ending stocks  is expected in China, to 78.6 million tonnes (79.1).