World corn stocks in 2023/24 MY may reach the maximum of the last 5 years
World corn stocks in 2023/24 MY may reach the maximum of the last 5 years and will exceed the level of the last season by 7%, including due to the growth of stocks in the U.S. (by 60% for the year).
This is reported by Reuters, citing the USDA.
Growth of stocks in the U.S. in 2023/24 MY is expected due to low domestic demand and high corn yield in the country, as well as due to a significant supply of grain on the world market from competitors.
The US Department of Agriculture preliminarily expects that the US corn ending stocks for 2024-25 will reach a 37-year high and grow by another 17% compared to this year, even with a smaller harvest. However, at this rate, global corn stocks in 2024-2025 may remain unchanged for the year and be in line with “normal” trends.
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