Global corn production in the next season could rise from 1.150 billion tons to 1.219 billion tons, experts from the U.S. Department of Agriculture (USDA) predicted in its May report.
Experts believe that the largest increase in the reporting period will be in the United States – by 39 million tons at once, up to 387.7 million tons. At the same time, an increase in grain harvest is also expected in Argentina, China, EU, Indonesia, Pakistan, Russia and South Africa.
In this case, downward adjustments are made for Brazil (from 130 to 129 million tons), Mexico (from 27.6 to 27.4 million tons), Nigeria (from 12.7 to 12 million tons), and Ukraine (from 27 to 22 million tons).
World corn exports in 2023/24 may increase to 190.8 million tons, up from 178.8 million tons in the current MY, due to an expected increase in shipments from several South American and EU countries, as well as from the United States and Serbia.
World cereal stocks may also increase to 312.9 (297.4) million tons, due to the projected increase of cereal balances in the U.S. – up to 56.4 (35.9) million tons.