In their October forecast, USDA analysts raised their forecast for the global corn production in 2020/21 by 1.6 million tons to 1,115.5 million tons, consumption was raised by 5.11 million tons to 1,131.61 million tons and initial stocks estimate was raised by 3.27 million tons to 289.99 million tons.
In their October forecast, analysts from the USDA raised their forecast for the global soybean production in 2021/22 to 285.1 million tons (384.4 in September and 365.2 in 2020/21).
Heavy rainfall in France are slowing down the harvesting campaign of corn. As of 04.10.2021, 7% of the corn areas have been harvested (+5% for the week and 47% a year earlier).
In 2020/21, corn exports from Ukraine reached 23.9 million tons, which is 17% or 28.7 million tons less than in 2019/20 and is the third highest result.
The Ministry of Agriculture of Russia lowered its forecast for grain exports from the country in 2021/22 to 45-48 million tons compared to 51 million tons in the previous estimate.
Given the drought in Russia, winter wheat areas will be reduced compared to 2020. According to SovEcon, the decrease will be within 0.7 - 1.2 million hectares and according to ICAR it will be within 0.5 - 1 million hectares.
