Corn prices did not react to the decline in world stocks and crops in the US in the new USDA report

In the November balance of supply and demand, USDA experts unexpectedly raised their forecasts for global corn production and consumption, and lowered the estimate of global stocks in MY 2024/25. It is expected that in MY 2024/25 the global corn consumption will exceed the production by 10 mln tonnes, while in MY 2023/24 the production exceeded the consumption by 10 mln tonnes. Analysts expected lower estimates of corn yields and production for the U.S., but the report exceeded these expectations, as USDA experts lowered the yield forecast from 183.8 to 183.1 bushels/acre (11.48 t/ha), and production from 386.18 to 384.64 million tons (389.7 million tons last year). According to the report, December corn futures on the Chicago Board of Trade increased by 0.8% to 169.7 $/t (+3.7% compared to the data after the release of the October report), but their growth was limited by a sharp decline in the forecast of imports to China, caused by the increase in domestic production. Compared ...