The USDA analysts published their forecast for the worldwide in August corn production 2022/23 significantly reduced by 6,2 million tonnes to 1,179 billion tonnes, which is also 39,1 million tonnes below the 2021/22 result (1,218 billion tonnes) and due to a significant decrease in the forecast for the EU maize crop - to 60 million tonnes compared to 68 million tonnes in July (70,9 million tonnes a year earlier).
Also the prognosis for the grain production was in the USA decreased slightly – to 364,7 (368,4; 383,9) million tons. At the same time, experts have increased the estimate of grain production in the Russian Federation – up to 15 (14,5; 15,2) million tons, and in Ukraine – up to 30 (25; 42,1) million tons.
In turn, the forecast for global corn exports in the new season has been raised to 186,1 million tons from 183,4 million tons according to the preliminary estimate (191,4 million tons in 2021/22). Thus, the forecast for the Russian Federation has been increased to 4 (3,8; 4) million tons and Ukraine to 12,5 (9; 24,5) million tons, while it is also estimated for the EU at 2,7 (4) , 7; 5,8) million tons and for the USA was reduced significantly to 61,5 (62; 62) million tons.
Global corn stocks for 2022/23 are forecast by analysts at 306,7 million tons, lower than the previous forecast (312,9 million tons) and the result for 2021/22 (311,9 million tons). In particular, the forecast for the EU has been lowered to 7,5 (8,5; 8,6) million tonnes, South Africa to 2,2 (2,7; 1,9) million tonnes and the USA to 35,2 (37,3; 38,8) million tons.