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Global corn production forecast raised by 6 million tons

Russia 14.11.2023
Source: feedlot.ru
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The US Department of Agriculture (USDA) in November raised its forecast for global corn production in the 2023/24 agricultural year to 1.220 billion tons from 1.214 billion tons, which appeared in the department's October report.
Global corn production forecast raised by 6 million tons

In the previous season, the global corn harvest was 1.157 billion tons.

The main reason for raising the forecast is the expected increase in the US corn harvest: according to analysts, this season it will reach a record 386.9 million tons against 382.6 million tons previously expected. This is also 38 million tons higher than last season’s result.

Against the backdrop of rising harvest estimates, corn quotes on stock exchanges declined.

Experts also raised their forecast for US corn exports for this marketing year - from 52.5 to 53.5 million tons. A year earlier, the export volume of this crop was 42.8 million tons.

Global exports are expected to reach 197.3 million tonnes. A month earlier, this figure was estimated at 194.3 million tons, and for the last marketing year - 180.5 million tons. Ending reserves are forecast at 314.9 million tons versus 299.2 million tons a year earlier.

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