World: Corn prices soar after USDA December report

Published 2024년 12월 11일

Tridge summary

The USDA's unexpected reduction in the global corn stocks estimate for FY 2024/25, attributed to lower production and increased consumption forecasts, has led to a surge in Chicago futures. The global stocks estimate is now 20 million tons lower than last year, with consumption expected to exceed production by the same amount due to increased ethanol processing in the US and Brazil. However, the report also notes a decrease in China's import forecast and an increase in US corn export forecast, which could impact Ukrainian corn prices. The global ending stocks estimate has also been reduced, with the US seeing a decrease as well.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In the December supply and demand report, USDA experts unexpectedly lowered their estimate of global corn stocks in FY 2024/25 due to a lower production forecast and a sharp increase in the consumption forecast, sending Chicago futures higher. This is reported by GrainTrade analysts. In FY 2024/25, world stocks are expected to be 20 million tons lower than last year, and global corn consumption is expected to exceed production by 20 million tons amid increased ethanol processing in the US and Brazil, while in FY 2023/24 production exceeded corn consumption by 10 million tons. December corn futures on the Chicago Stock Exchange rose 1.5% to $173.4/t on the report (+2.2% from the November report), but their growth was limited by a sharp reduction in the import forecast to China Read also: Sunflower market: prices in Ukraine began to rise gradually due to limited supply Compared to the November estimates, the new corn balance for the 2024/25 FY has undergone the following changes: • ...

Source: Agrobusiness