Global: USDA experts downgraded the forecast of corn stocks in the current and next season supported the quotation

In the new balance sheet for corn for 2024/25 MY, published in the May WASDE supply and demand report, the forecasts of global production, exports and stocks were lowered, but the consumption was increased, which led to the growth of quotations. At the same time, the pressure on prices was increased by the decrease of corn crop forecasts in 2023/24 MY for Brazil by 2 mln tonnes to 122 mln tonnes and for Argentina by 2 mln tonnes to 53 mln tonnes, while traders expected the larger adjustment. Compared to the balance for 2023/24 MY, the new balance for corn for 2024/25 MY has undergone the following changes: According to the report, the July corn futures on the Chicago Board of Trade increased by 2.9% to 184.9 $/t (+9.5% compared to the data ...