New Delhi — 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.
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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:
2020-21 December forecast