Final stocks are estimated at 104.57 million tons. The market was expecting ending stocks of 101 million tonnes.
In September, the USDA indicated production of 384.42 million and stocks of 98.89 million tons.
The USDA forecast bets on an American harvest of 121.06 million tons, against 119.04 million in the previous report.
For Brazil, the forecast is for a production of 144 million tons. Argentina’s harvest is estimated at 51 million tons. Chinese imports are expected to reach 101 million tonnes.
For the 2020/21 season, the estimate for the world harvest was 365.26 million tons. Carryover stocks are projected at 99.16 million tons. The market was betting on stocks of 96.4 million
Brazil’s production was maintained at 137 million. The Argentine harvest was 46.2 million tons. The forecast for Chinese imports was maintained at 99 million tons.
The global supply and demand report of corn brought data for the season 2020/21 and 2021/22.
The 2021/22 global harvest was projected at 1,198.22 million tons, compared to 1,197.77 million in September. The USDA raised ending stocks for the 2021/22 world crop from 297.63 million tons to 301.74 million tons, while the market forecast volumes of 298.4 million tons.
The harvest in the United States in 2021/22 was indicated at 381.49 million tons, against 380.93 million in September.
The Brazilian crop estimate was maintained at 118 million tons. Argentina’s production should reach 53 million tons, unchanged from September.
China had its production estimate pointed at 273 million tonnes, unchanged from September.
For the 2020/21 season, the ending stocks of the world harvest were indicated at 289.99 million tons, above the 286.48 million tons indicated last month, while the market was betting on a number of 287.4 million tons.
The 2020/21 global crop was reduced from 1,117.11 million tons to 1,115.50 million tons.
The 2020/21 United States crop was reduced from 360.25 million tons to 358.45 million tons.
The estimate for the Brazilian crop is 86 million tons, without changes. Argentina’s production should reach 50 million tons, unchanged from September.