European Corn Imports Fall
The European Commission announced imports of corn market for the season to 14th January at 9.52 MMT. This is 42% below last year’s level. FranceAgriMer revised its corn export figure down by 40,000 tonnes to 4.15 MMT, while France’s shipments were raised to 2.2 MMT.
Brazil and Argentina finish corn harvests
Brazil AgRural reported that the 1st corn harvest is 5.1% complete and the 2nd harvest is 0.4% complete. The company’s 2024 forecast for first and second-crop corn production is 114.1 MMT. Consultant Cordonnier cut its forecast for Brazil from 117 MMT to 115 MMT. The Rosario Grain Exchange sees Argentine production at 59 MMT and possibly 60 MMT.
What the USDA report shows
The USDA’s monthly World Supply and Demand Estimates (WASDE) report, released on the 12th, was considered “bearish” by most grain market analysts. The report made some notable revisions to the 2023 corn production and supply figures. The report also showed a slight increase in corn use for next year compared to a year ago. The January WASDE report is often referred to as a “market mover” and the market reaction following this report was a significant drop in corn prices on the Chicago Board of Trade (CBOT).
Significant rise in US corn yields
The final National Agricultural Statistics Service (NASS) Crop Production Report for 2023 was also released on the 12th. The report estimated the 2023 US average corn yield at a record 177.3 bushels per acre, up 2.4 bushels per acre from the December estimate. The 2023 corn yield estimate compares with 173.4 bushels per acre in 2022, the previous record US yield of 176.7 bushels per acre in 2021, and 171.4 bushels per acre in 2020.
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