USDA analysts lowered the forecast for corn exports from Ukraine
USDA analysts forecast world corn production in MY 2025/26 at 1,286.23 million tons (-0.35 million tons compared to the previous forecast). Estimated world corn exports are 203.47 million tons (+1.76 million tons), forecast ending stocks are 281.34 million tons (-0.06 million tons). This is stated in the USDA report for November.
Note: The previous USDA report was in September, not October, due to the US government shutdown.
Forecast for corn harvest in Ukraine is 32 million tons (unchanged), estimated exports are 24.5 million tons (-1 million tons), ending stocks are 1.55 million tons (+0.4 million tons).
USDA analysts have lowered the forecast for US corn production to 425.53 million tons (-1.58 million tons), export forecast to 78.11 million tons (+2.54 million tons), and ending stocks to 54.71 million tons (+1.13 million tons).
Forecast for major corn exporters for MY 2025/26:
| Country | Harvest, mln tons | Export, mln tons | Stocks, mln tons |
|---|---|---|---|
| Argentina | 53 (0) | 37 (0) | 4,19 (+1) |
| Brazil | 131 (0) | 43 (0) | 3,53 (+0,1) |
| Russia | 14,1 (0) | 3 (0) | 0,96 (0) |
| South Africa | 16,5 (0) | 2 (0) | 1,9 (+0,05) |
China’s corn harvest is estimated at 295 million tons. Imports will be 8 million tons (-2 million tons), ending stocks — 173.91 million tons (-3.16 million tons).
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