World corn production and exports to grow in 2023/24 MY – USDA report

In the October USDA report, analysts slightly increased their forecast of corn production in 2023/24 season – the harvest is expected to reach 1 214.47 mln tonnes, which is 180 thsd tonnes higher than the previous forecast. World corn exports will also increase to 196.25 million tons (+0.06 million tons). The ending stocks will decrease by 1.59 mln tonnes to 312.40 mln tonnes.

According to the USDA experts, the corn harvest in Ukraine in 2023/24 MY will amount to 28 mln tonnes, unchanged from the September forecast. The export estimates also remained at the level of 19.5 mln tonnes, while the ending stocks may increase by 1 mln tonnes to 5.43 mln tonnes.

USDA analysts lowered their estimate of corn production in the US to 382.65 million tons (-1.77 million tons). The export forecast was also reduced by 0.63 million tons to 51.44 million tons. Ending stocks will be at 53.62 million tons (-2.78 million tons).

Forecast for the main corn exporters for 2023/24 MY (September figures compared to August):

USDA experts left unchanged the forecast of corn production in China – 277 million tons. Imports are expected to reach 23 mln tonnes, ending stocks – 201.8 mln tonnes, i.e. unchanged from the September report.

Tags: Ukraine, corn, EU, USDA Report, USA, crop forecast