The U.S. Department of Agriculture lowered its forecast for global corn production in 2021/22 MY, the volume of which is estimated at 1,206.96 million tons, ProAgro Group reports, citing the January USDA report.
The January corn production estimate is 1,774 thousand tons less than what U.S. government analysts provided in a previous report in December 2021. The reduction in the forecast came at the expense of Brazil, for which it was reduced by 3 million tons, Argentina – by 0.4 million tons, Mexico – by 0.4 million tons and by the same amount for the EU.
At the same time, for Ukraine, USDA increased its corn production forecast by 2 million tons – up to 42 million tons. We recall that in December 2021, the forecast was also increased by 2 million tons.
At the same time, the estimate of Ukrainian exports in 2021/22 MY also increased by 1 million tons to 33.5 million tons. And USDA estimates total global corn exports this season at just over 194 million tons, which is almost 1.3 million tons more than the previous, December forecast.