USDA Reduces Global Coarse Cereals Production For MY2019/20

USDA Reduces Global Coarse Cereals Production For MY2019/20

Nov 11, 2019 03:11 IST capital market

As per the latest update from United States Department of Agriculture (USDA), global coarse grain production for 2019/20 is forecast 1.8 million tons lower to 1,394.9 million. This months 2019/20 foreign coarse grain outlook is for larger production, increased trade, and lower stocks relative to last month. Foreign corn production is forecast higher as increases for several African countries, as well as Russia and Turkey, more than offset declines for Mexico, Ukraine, and the EU. For Mexico, production is lowered as area for summer season corn is expected to be the lowest on record. Yield forecasts for Russia and Ukraine are raised and lowered, respectively, based on observed harvest results to date. Corn exports are raised for Brazil and Russia, with reductions for the United States and Mexico. For 2018/19, corn exports for Brazil are raised for the local marketing year beginning March 2019, based on shipments observed through October. For 2019/20, corn imports are raised for Vietnam, Colombia, Japan, and South Korea. Partly offsetting, are reductions for Iran, Egypt, Malaysia, and Turkey. Foreign corn ending stocks are lower relative to last month, with declines for Brazil, Iran, Mexico, China, and Argentina that are partly offset by small increases for several African countries. Global corn ending stocks, at 296.0 million tons, are down 6.6 million.

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