USDA Feed Outlook shows global corn stocks are reduced
Maize (Corn)
South Africa
Argentina
Published Mar 25, 2024
Tridge summary
The March Feed Outlook report highlights a decrease in global corn stocks for the 2023-24 period, primarily due to reduced corn production in South Africa, Ukraine, and Mexico. Conversely, Argentina sees an improvement in corn export prospects thanks to higher production and competitive pricing, while Brazil's corn exports decline. The report also notes slight increases in global barley and sorghum trade, driven by higher Chinese imports. Despite unchanged U.S. corn outlooks, the forecasted season-average price for U.S. farmers has dropped to $4.75 per bushel, reflecting market adjustments to anticipated global production recoveries. Additionally, there's a decrease in the all-barley price forecast and an uptick in oats price predictions. Overall, the global coarse grain production is expected to fall, with a slight uptick in consumption, leading to lower stock levels and a minor reduction in the world corn trade forecast for 2023-24.
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
The March Feed Outlook report shows the global 2023-24 corn stocks are reduced. Foreign corn production is lower this month, as it was last month, with the largest reductions for South Africa, Ukraine and Mexico. Increased 2022-23 and 2023-24 corn output, competitive prices and a swift pace of exports bolster Argentina’s export prospects, while corn exports for Brazil are down. Global barley and sorghum trade are projected slightly higher and China’s imports of these crops are increased. Additionally, there are no changes to the 2023-24 U.S. corn outlook compared to last month. The season-average price forecast received by U.S. farmers is lowered to $4.75 per bushel from $4.80 last month. Movements in feed grains prices Expectations of a recovery in global corn production for 2023-24 have contributed to a reversion of U.S. corn market prices to lower levels. Over the past five years, U.S. corn prices peaked across principal cash markets, just shy of $9 per bushel. However, just ...
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