Source: APKinform (Ukraine)
In the July report, the USDA revised its forecast for global corn production in the 2024/25 marketing year upwards from 1.220 billion tons in the previous month to 1.225 billion tons.
In particular, the harvest forecast for the USA was raised to 383.56 (377.46) million tons, while the forecasts for some other countries were revised downwards, especially for the EU (64 (64.8) million tons) and Russia (15 (15.4) million tons) due to the extreme heat and for Canada (14.5 (15) million tons) due to the reduced acreage.
In addition, the forecast for maize starting stocks was lowered from 312.39 million tons in the previous month to 309.13 million tons, at the expense of the USA to 47.67 (51.36) million tons and Ukraine to 1.51 (2.91) million tons.
The forecast for global exports in the 2024/25 marketing year remains almost unchanged at 191.81 (191.75) million tons. The forecast for the USA was revised upwards to 56.52 (55.88) million tons, while it was lowered to 4.6 (5) million tons for Russia and 4 (4.2) million tons for the EU.
Global ending stocks of maize are estimated at 311.6 million tons for the 2024/25 marketing year, which is 0.9 million tons higher than preliminary expectations.