News

Corn and soybeans: Global projections for the 2023/2024 campaign USDA - February 2024

Maize (Corn)
Ukraine
Published Feb 22, 2024

Tridge summary

The USDA predicts a 6.6% increase in global corn production for the 2023/24 season, reaching 1232.6 million tonnes, with the US, China, EU, and Ukraine seeing increases, but Brazil and Argentina seeing decreases. World grain exports are expected to rise by 11.0%, with the US as the second largest exporter. Additionally, world soybean production is projected to increase by 5.3%, led by Brazil, and global oilseed ending stocks are expected to rise by 12.0%.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Here are highlights from the latest cereal and oilseed estimates reports published by the USDA on February 8: World corn production for the 2023/24 season is expected to reach 1232.6 million tonnes (Mt), an increase of 6.6 percent compared to the 2022/23 season (1155.9 Mt). For the United States, production would be around 389.7 Mt, an increase of 12.4% compared to the previous season (346.7 Mt), while China would increase its harvest by 4.2%, reaching 288.8 Mt. For its part, the European Union would grow 14.7% with 60.1 Mt, while Ukraine, with 30.5 Mt, would show an increase of 13.0%. For Brazil, production would reach 129 MT, a number that would represent a decrease of 5.8% compared to the previous season, while for Argentina, the harvest would reach 55 MT, thus growing 57.1% compared to the last cycle. World grain exports would increase by 11.0%, from 181.0 Mt in the 2022/23 season to 200.8 Mt in this new cycle, with the United States being the second largest exporter of the ...
Source: 3tres3
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