12 Jan 2021 | 19:37 UTC — New Delhi

USDA cuts global corn ending 2020-21 stocks forecast 2% to 283.83 million mt

Global corn ending stocks has been further cut to 283.83 million mt for 2020-21, down 5.13 million mt from the December forecast and down 19.18 million mt from 2019-20, the US Department of Agriculture said in its World Agricultural Supply and Demand Estimates report, released Jan. 12.

Foreign corn ending stocks are lower, mostly reflecting reductions for Brazil, Argentina, the EU, and the UK, the report said.

"For Argentina, dryness during December reduces yield prospects for early-planted corn in key central growing areas. Brazil (production) is lowered reflecting reduced yield expectations for first-crop corn in southern Brazil," the report said.

Moreover, the US corn production estimate was also sharply lowered to 360.25 million mt in 2020-21 from 368.49 million mt estimated in December.

With the global corn production shrinking and prices rallying, the global corn export is now projected at 183.63 million mt in 2020-21, down from 185.97 million mt forecast in December, but above 169.99 million mt in 2019-20.

Here is the table containing some of the USDA's significant revisions to corn supply and demand forecast in the major corn-producing and exporting countries:

Production in million mt
2019-20
1,116.41
345.96
102.00
51.00
35.89
260.78
2020-21 December forecast
1,143.56
368.49
110.00
49.00
29.50
260.00
2020-21 January forecast
1,133.89
360.25
109.00
47.50
29.50
260.67
Exports in million mt
2019-20
169.99
45.17
35.00
35.50
28.93
0.01

2020-21 December forecast

185.97
67.31
39.00
34.00
24.00
0.02
2020-21 January forecast
183.63
64.77
39.00
34.00
24.00
0.02
Ending stocks in million mt
2019-20
303.01
48.76
4.99
4.37
1.48
200.53
2020-21 December forecast
288.96
43.23
7.49
2.88
0.89
191.51
2020-21 January forecast
283.83
39.42
6.49
2.88
0.89
191.68

Editor:

Valarie Jackson