USDA experts in the October report lowered the forecast of world corn production in 2022/23 MY by 4 mln tonnes – to 1.168 bln tonnes, which is also significantly lower than the result in 2021/22 MY (1.217 bln tonnes). It is reported by ProAgro Group with reference to Agravery.
Analysts made the downward adjustment in the EU to 56.2 (58.8; 70.9) mln tonnes and in the USA – to 352.9 (354.2; 382.9) mln tonnes. At the same time, the forecast was slightly increased for India – to 32 (31.5; 33.6) million tons.
The forecast of world corn exports in the current season was generally left unchanged by analysts – at 184.7 (184.7; 193.4) million tons. At the same time, the forecast was significantly increased for Ukraine – to 15.5 (13; 27) million tons and India – to 2.8 (2.4; 3.6) million tons. In turn, experts lowered the forecast of grain exports from the United States – to 57 (59.5; 63) million tons.
USDA analysts lowered the forecast of world corn ending stocks in 2022/23 MY to 301.2 (304.5; 307) million tons. In particular, the downward adjustment was made for Canada to 2.1 (2.2; 2.1) mln tonnes, China – to 206.2 (207.2; 209.2) mln tonnes, Ukraine – to 9.8 (11.3; 4.5) mln tonnes and the United States – to 29.7 (30.9; 34.9) mln tonnes.
