The USDA increased the forecast of corn production

Friday's report USDA the production and consumption of oilseeds and grain crops in the United States was so bearish that the price of corn has fallen by 4% to 137,4 $/t

In the may report forecast world corn production in 2018/19 Mr increased by 12 million tonnes to 1,119 billion tons for that carryover stocks will grow by 12 million tonnes to 325,94 million tons.

The Forecast of the corn crop in Argentina increased by 2 million tonnes to 49 million tonnes, Brazil-4 million tonnes to 100 million tonnes, while estimates of exports to both countries increased by 1 million tonnes to 31.5 and 32 million tonnes respectively. For China, the forecast of production increased to 257.3 m, MT, USA and Ukraine were left unchanged at the April estimates.

For the EU's import forecast of corn increased by 1 million tons to 23.5 million tons due to the active purchase cheap Ukrainian corn.
 
In accordance with the forecast balance 2019/20 MG world corn production will increase to 1,133 billion tons, while consumption will increase to 1,145 billion tons, compared to 1,132 billion tons in the current season.

The Largest increase in production in 2019/20 Mr expect from the US, where the corn harvest will rise to 381,78 million tonnes compared to 366,3 million tonnes in 2018/19 Mr. The increase in acreage and rainfall give reason to hope for a good harvest.

According to experts USDA, Brazil next season, we harvested 101 million tonnes of corn, Argentina – 49 million tonnes, which corresponds to the level of the current MG. For Ukraine, the production forecast was reduced by 3 million tons to 33 million tons, China – 3 million tons to 254 million tons in Ukraine next season will reduce corn exports by 2 million tons to 27 million tons, while China will increase imports by 2 million tonnes to 7 million tonnes, the EU can refuse corn imports by 3 million tonnes to 20 million tonnes, which will decrease the demand for Ukrainian grain.

GrainTrade