The USDA has increased its forecast for the world's corn production and ending corn stocks in 2021/22

13 Oct, 2021
The USDA has increased its forecast for the world's corn production and ending corn stocks in 2021/22
In their October forecast, USDA analysts raised their forecast for the global corn production in 2020/21 by 1.6 million tons to 1,115.5 million tons, consumption was raised by 5.11 million tons to 1,131.61 million tons and initial stocks estimate was raised by 3.27 million tons to 289.99 million tons.

In 2021/22, the world's corn production is projected at 1,198.22 million tons (+0.45 million tons compared to September and 1,115.1 million tons in 2020/21), including:

  • United States - 381.5 million tons (+0.56 and 358.4)
  • EU - 66.3 million tons (+0.8 and 64.4)
  • Canada - 14 million tons (+0.4 and 13.56)
  • Ukraine - 38 million tons (-1 and 30.3)
  • Russia - 15 million tons (-0.5 and 13.87)

Everyone was paying close attention to the situation in China. Recently, the country's government lowered its production estimate by 0.85 million tons to 271 million tons and the FAS USDA reduced imports estimate by 6 million tons to 20 million tons. Now, the USDA has increased initial stocks for the new season by 2 million tons.

World's corn consumption is expected to reach 1.186.46 million tons (-0.16 compared to September and +54.85 compared to 2020/21).

World's total corn exports will be 201.91 million tons (-0.64), including:

  • EU - 4.1 million tons (+0.3)
  • Ukraine - 31.5 million tons (+0.5 and 23.8)
  • Russia - 4.5 million tons (+0.3)