World corn production revised down slightly

The USDA, in the latest edition of its monthly Wasde report, estimates that production of yellow grain will amount to 943.73 million tonnes (without China) instead of 946.89 million so far. This reduction is mainly due to a clear reduction in Brazilian production (- 3 million tonnes). Brazil's export capacities are weakened, now amounting to 52 million tonnes instead of 54 million. “This places the United States potentially in a leading position in exports” for corn (53.34 million tonnes), commented Gautier Le Molgat, CEO of Argus Media France. If Ukraine's corn production is estimated stable at 30.50 million tonnes, its export capacity increases by two million tonnes, to 23 million. This improvement in Ukraine's exports is also visible for wheat, with the country's export capacity increasing to 15 million tonnes (+1 million), according to the USDA. “This shows that the corridor for exports works” from the Black Sea, underlined Gautier Le Molgat. Corn prices, which remained ...