Corn and soybeans: Global projections for the 2023/2024 season USDA - April 2024

Maize (Corn)
Published Apr 19, 2024

Tridge summary

The USDA's latest forecasts for the 2023/24 season predict significant changes in global cereal and oilseed markets, with a 6.1% increase in world corn production led by the United States, China, the European Union, and Ukraine, despite mixed results in Brazil and Argentina. Corn exports are expected to grow by 11.3%, primarily driven by the United States and Argentina, alongside an increase in corn ending stocks. Soybean production is also on the rise, with a 4.9% increase globally, although export dynamics vary, with Brazil leading despite a drop in U.S. exports. Soybean ending stocks are projected to increase by 12.7%. These projections suggest a dynamic and evolving year ahead for global agricultural markets.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Below are highlights from the latest cereal and oilseed forecast reports released by the USDA on April 11. World corn production for the 2023/24 season is expected to reach 1227.9 million tons (Mt), an increase of 6.1% compared to the 2022/23 season (1157.7 Mt). For the United States, production would be around 389.7 Mt, an increase of 12.4% compared to the previous campaign (346.7 Mt), while China could increase its harvest by 4.2%, reaching 288.8 Mt. In turn, the European Union could grow 16.7% with 61 Mt, while Ukraine, with 29.5 Mt, would present an increase of 9.3%. For Brazil, production would reach 129 million tons, a value that would represent a decrease of 5.8% compared to the previous season, while for Argentina, the harvest would reach 55 million tons, thus growing by 52.8% compared to the last cycle. World exports of the cereal would increase by 11.3%, going from 180.2 MT in the 2022/23 season to 200.6 MT in this new cycle, with the United States being the largest ...
Source: 3tres3
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