USDA has issued new report for March with lower corn production in Ukraine
The analysts lowered the forecast for world corn production in total in season2023/24 — the harvest is expected at 1,230.24 million tons (1,232.57 million tons in the previous forecast). The estimate of the world export of corn increased by 1.45 million tons to 202.27 million tons. The forecast of final stocks decreased by 2.43 million tons — to 319.63 million tons.
The forecast for the corn harvest in Ukraine decreased by 1 million tons to 29.5 million tons. Export is possible at the level of 24.5 million tons (+1.5 million tons), final stocks — 2.82 million tons (-2.5 million t).
USDA analysts left unchanged the estimate of corn production in the USA — 389.69 million tons. The export forecast also remained unchanged — 53.34 million tons. Final stocks will be at the level of 55.17 million tons.
The forecast for China also remained unchanged: corn harvest — 288.84 million tons, import — 23 million tons, ending stocks — 211.86 million tons.