Source: APKinform (Ukraine)
In their August report, USDA analysts updated the forecast for the EU maize harvest in the 2024/25 marketing year and lowered it from the previously expected 64 million tons to 60.5 million tons. This means that production of this grain could fall by at least 1 million tons over the course of the year (61.45 million tons in the 2023/24 marketing year).
Domestic consumption of maize in the EU is also revised downwards by 2.5 million tons to 75.6 million tons (marketing year 2023/24 – 77.1 million tons), which is mainly due to a decline in the animal feed sector to 55.8 (-1.9; 57.3) million tons.
The export forecast was updated from the 4 million tons announced in July to 3.5 million tons (4.4 million tons in the previous season) and ending stocks from 7.49 million tons to 6.88 ( 7.48) million tons.
In the August report, the USDA lowered its forecast for global corn production in the 2024/25 marketing year to 1.219 billion tons compared to July’s expectations of 1.225 billion tons (2023/24 marketing year – 1.224 billion tons). Russia is also downgraded to 14.1 (15; 16.6) million tons. At the same time, an upward adjustment is made for the USA to 384.74 (383.56; 389.69) million tons.
Global exports are estimated at 191.5 (-0.3; 200.6) million tons and ending stocks at 310.17 (-1.5; 308.5) million tons.