Despite lower forecasts for global corn production and stocks in the USDA report, stock prices remained unchanged as the crop estimate for the US was unexpectedly raised

In the September balance of supply and demand, USDA experts again lowered their forecasts for global corn production and stocks in MY 2024/25. However, the market hardly reacted to this, given the unexpected increase in the US crop forecast. Analysts expected the decrease in the estimates of corn acreage and yield from 183.1 to 182.4 bushels/acre, but USDA experts left the acreage unchanged and raised the yield forecast to 183.6 bushels/acre (11.51 t/ha), and, accordingly, production – by 1 mln tonnes to 385.73 mln tonnes (389.7 mln tonnes last year). Compared to the August estimates, the new corn balance for MY 2024/25 has undergone the following changes: According to the report, December corn futures on the Chicago Board of Trade increased by 0.3% to 159.23 $/t (+0.7% compared to the data after the release of the August report). In the balance for MY 2023/24, USDA experts left unchanged the forecasts of corn production in South America. In particular, for Argentina the forecast ...