Argentina is the driver for the downgrade in the global corn supply and demand balance

The IGC analysts published their forecast for the worldwide in November corn production left almost unchanged at 2022 billion tonnes (23 billion tonnes) in 1,166/1,218. Certain adjustments were made to the average of the producing countries.

In particular, the experts have the forecast for the grain harvest in Argentina reduced to 57 million tons compared to 60,6 million tons of the previous forecast (57 million tons in 2021/22), while this forecast for the USA to 353,8 million tonnes (353; 382,9) and for the EU to 54,1 million tonnes (53,5; 71).

The forecast for global corn exports has been lowered to 170,4 million tons this year from 171,6 million tons in October and 179,4 million tons in 2021/22, while the downward revision made for Argentina has been revised to 38,3 ( 41; 36,8) million tons.

The experts have also lowered the forecast for global grain stocks for the 2022/23 season slightly – to 257,2 (257,7; 280,7) million tons, since this forecast in Argentina has been revised to 2,2 (2,8; 3,6 ,XNUMX) ) million tons. At the same time, the prognosis in the USA increased to 30 (29,8; 35) million tons.

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