The USDA's November report unexpectedly increased forecasts for global corn production and consumption for FY 2024/25, while lowering world stock estimates. Global consumption is set to surpass production by 10 million tons, reversing the previous year's trend. Despite lower U.S. yield expectations, the USDA's figures were higher than anticipated, causing December corn futures to rise slightly. However, growth was limited by reduced Chinese import forecasts due to higher domestic production. Changes in the corn market include decreased exports from Black Sea countries, supporting Ukrainian prices amid rising demand from Egypt and Turkey, though offset by reduced Chinese imports and increased U.S. supplies. The report is seen as neutral, with market focus on China's production and import forecasts.