USDA keeps 2019-20 US corn outlook unchanged from February

The US Department of Agriculture maintained its estimate for US corn production for the 2019-20 marketing year (September-August) at 13.692 billion bushels (347.78 million mt) in its March World Agricultural Supply and Demand Estimates report released Tuesday.

USDA also kept its estimate for US corn exports unchanged from the February report at 1.725 billion bushels.

The agency's estimates for corn acreage and harvested acres in the US were also unchanged at 89.7 million acres and 81.5 million acres, respectively.

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The estimated yield for US corn was kept at 168 bu/acre, as was the forecast for ending stocks of corn in the US at 1.892 billion bushels.

USDA maintained its estimate for corn used for ethanol unchanged from February at 5.425 billion bushels. The estimate for feed use in the US was also kept unchanged at 5.525 billion bushels.

EXPORTS FROM UKRAINE UP

USDA raised its estimate of Ukraine's corn exports to 32 million mt in 2019-20, up 1 million mt from last month, and 5.5% higher year-on-year.

It lowered its estimate of Brazilian corn exports to 39.75 million mt in 2018-19 from last month's forecast of 42 million mt, while Argentina's exports were raised to 37 million mt from 36 million mt projected earlier.

According to USDA, the 2018-19 local marketing year in Brazil and Argentina runs from March 2019 through February 2020.

For 2019-20, corn exports from Brazil and Argentina were kept unchanged at 36 million mt and 33.5 million mt, respectively.

USDA also maintained its production forecast for Brazil and Argentina in 2019-20 at 101 million mt and 50 million mt, respectively.

The agency raised its forecast for Brazilian ending stocks of corn in 2019-20 to 4.39 million mt from 4.28 million mt in February.

GLOBAL CORN

The department raised its estimate for global ending stocks of corn in 2019-20 to 297.34 million mt from 296.84 million mt.

The USDA raised the forecast for global corn imports in 2019-2020 marginally to 168.62 million mt in March from its previous estimate of 167.99 million mt. The agency's export estimate was also raised slightly to 165.83 million mt from 165.77 million mt.

The USDA kept its global corn production estimate for 2019-20 largely unchanged to 1.112 billion mt projected in February.