Corn Hits 9-week High After Production Forecast

corn futures

Corn: increased to a 9-week high of 721.75 USd/BU, after production forecast for the 2022/23 marketing year in the closely watched WASDE were revised sharply lower.

Output in the US is expects to total 13.9 billion bushels in the period, down 415 million from prior estimates,
amid and decline in yields and harvesting area,World Corn production and ending stocks Forecast were also revise lower.

Regarding the current marketing year, summer droughts in the US wreaked havoc on domestic corn crops, with yields
down to levels not seen since the drought of 2012.

The US Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report that farmers will likely harvest a corn crop of 13.9 billion bushels, based on an average yield of 172.5 bushels per acre. USDA in August had projected a corn crop of 14.4 billion bushels.

About Corn Production In the World:

The U.S. is by far the world’s largest producer and exporter of corn, with production in the 2019–2020 season pegged at 346.0 million metric tons.

While China  current season corn production is estimated at 260.8 million metric tons, and it is consumed almost exclusively domestically.3 While the country is a major corn producer,

In Brazil is a major producer of many crops including coffee, sugar, and soybeans, and it is the world’s third-largest corn producer. Of the estimate 102 million metric tons of corn that the country produces annually, most will be consume domestically.3

And Argentina is a significant producer of corn, and also a significant exporter of it. Its annual corn production is estimate at 51 million metric tons,

Also Ukraine had a record amount of corn produced in 2019 at 35.9 million metric tons.3 The country has used its rich soil to grow their production from their 2017 season .