Global: A sharp increase in the forecast of the corn harvest for the US and China collapsed the quotation

In a January report, USDA experts unexpectedly raised their 2023/24 FY 2023/24 global corn production, consumption and stocks forecasts to record highs, sending prices crashing. However, they left Brazil's crop forecast unchanged, although local agencies significantly lowered their estimates. According to the report, March corn futures on the Chicago exchange fell by 2.4% to $176/t (-8.6% compared to the data after the December report), and on the Paris exchange - by 0.3 % to €191/t or $209.15/t (-5.4%). Compared to the December estimates, the January corn balance for the 2023/24 MR underwent the following changes: The Brazilian agency CONAB reduced the forecast of corn production in the country by another 1 million tons to 117.6 million tons (137 million tons last year) against the background of a possible reduction in the area of sowing of second-crop corn. The ...