USDA raises projected 2021-22 global corn ending stocks to 305.46 million tonnes

The outlook for global corn ending stocks for 2021-22 has been raised to 305.46 million tonnes from 300.97 million tonnes forecast in March, the US Department of Agriculture said in its monthly estimates report. of world agricultural supply and demand published on 8 April.

The forecast for 2021-22 was higher than the 292.15 million tonnes of world corn ending stocks set for 2020-21 by the USDA.

Foreign corn ending stocks were higher, mostly reflecting increases for Ukraine, Serbia, the EU and Indonesia that were partly offset by a reduction for Canada, the USDA said.

The USDA also raised the global corn production forecast to 1.21 billion tonnes in 2021-2022 from 1.206 million tonnes forecast in March.

Corn production is expected to rise with increases in Brazil, Indonesia, Pakistan and the EU, the USDA said.

Prospects for corn production in Brazil are raised due to an increase in planted area, the USDA said.

Prospects for U.S. corn used for ethanol raised

The USDA has made no major changes to U.S. corn demand and supply estimates for marketing years 2021-22 (September-August), except for an increase in estimates. corn used for ethanol production, offset by a reduction in the estimated feed use.

“The U.S. corn outlook for this month’s 2021-22 marketing year is intended to offset changes to feed and residual use and corn used for ethanol production, with ending stocks unchanged.” , the USDA said.

“Feed and residual use is reduced by 25 million bushels to 5.62 billion bushels, based on the disappearance shown in the December-February quarter, while corn used to produce ethanol is increased of 25 million bushels based on the most recent grain and co-product crushing production data. report, and the pace of weekly ethanol production in March, as shown by data from the Energy Information Administration,” he added.

The season’s average farm price for U.S. corn in marketing years 2021-22 is increased by 15 cents per bushel to $5.80 per bushel based on prices seen to date, the USDA said.

All other estimates – area, yield and production – were maintained at levels from a month ago, according to the USDA.
Source: Platts