Drop in the expected corn crop in the United States

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AFP

The US Department of Agriculture (USDA) has revised down its estimate of corn production in the United States for the 2019/2020 crop, in its monthly report released Thursday.

Thees US corn production forecast, published in the September report on estimates of world production of grains and oilseedsare thus reduced by 2.5 million tonnes to 350.5 million tonnes. This revision came just a month after the USDA estimates had raised the markets by surprise.

The USDA expects "reduced production, reduced consumption and exports for agrofuel and a slightly larger final stock". "The estimate of production is down over a month because the decline in the maize crop more than offset the accumulated stock surplus last year due to a poor estimate of maize export requirements for ethanol in 2018/2019, "the report said.

For wheat, the USDA left the production estimate in the United States unchanged at 53.9 million tonnes. World wheat production is expected down 2.5 million tonnes, to 765.5 million, mainly due to declines in Australia and the Black Sea, but with larger final stocks than estimated in August.

Finally, global soybean production is expected to decline slightly to 341.4 million tonnes, with a 1.3 million tonne drop in US production (to 98.9 million tonnes) but a slight rise for China ( to 17.10 million) and the European Union (to 2.60 million).

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