Record world maize production in 2023/24

In the July revision of the corn balance sheet recently released by the US Department of Agriculture (USDA), we see another increase in estimates for the amount of production, consumption, exports and ending stocks of the world feed grain in 2023/24. The forecast for global corn production in 2023/24 has been raised by 3.14 million tons to a record 1,222.77 million tons (1,150.73 million tons - 2022/23). The May estimate for the record corn production in the USA was also confirmed – 387.6 million tons, with 39 million tons more compared to 2022/23. It is worth noting the significant increase in the forecast for corn production in Ukraine from 22, 0mt to 24.5mt, but this is still 2.5mt less than in 2022 and 17.6mt below the record production level of 2021/22. The forecast for the EU is also optimistic and suggests an increase in production by 11.3 million tons (to 64.3 million tons) compared to the year 2022, unfavorable for feed grain production. Maize production in the world ...