USDA analysts lowered estimates of corn exports from Ukraine and imports to China
USDA analysts forecast the global corn production in 2024/25 season at 1 212.47 mln tonnes (-1.88 mln tonnes to the previous forecast). The estimate of the world corn exports is 189.23 mln tonnes (-2.18 mln tonnes), the forecast of the ending stocks is 290.31 mln tonnes (-3.03 mln tonnes). This is stated in the USDA report for February.
The forecast for the corn harvest in Ukraine remained unchanged – 26.5 mln tonnes, the export estimate decreased – 22 mln tonnes (-1 mln tonnes), ending stocks – 0.64 mln tonnes.
USDA analysts left unchanged the forecast of corn production in the United States – 377.63 million tons, exports forecast – 62.23 million tons, ending stocks – 39.12 million tons.
Forecast for major corn exporters for MY 2024/25:
| Country | Harvest, mln tons | Exports, mln tons | Reserves, mln tons |
| Argentina | 50 (-1) | 36 (0) | 2,79 (0) |
| Brazil | 126 (-1) | 46 (-1) | 2,84 (0) |
| Russia | 13,25 (0) | 3,3 (0) | 0,36 (0) |
| South Africa | 17(0) | 2,6(-0,2) | 1,41 (0) |
The corn harvest in China is estimated at 294.92 million tons. Imports will amount to 10 mln tonnes (-3 mln tonnes), ending stocks – 203.18 mln tonnes (-3 mln tonnes).
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