Global corn production to rise 5.1% in 2023/24 season, soybean by 7.9%

 

 

Global corn production for the new 2023/24 season is expected to reach 1214.5 million tonnes, an increase of 5.1% compared to the 2022/23 season (1155.0 million tonnes), according to the latest grain and oilseed estimates reports released by the United States Department of Agriculture on October 12.

 

US production is expected to reach 382.7 million tonnes, up 9.8% from the previous season (348.4 million tonnes), while China's crop is expected to decrease by 0.1% to 277.0 million tonnes. The European Union is expected to see a 14.3% growth to reach 59.7 million tonnes, while Ukraine, with 28 million tonnes, is expected to see an increase of 3.7%.

 

Brazil's production is estimated to reach 129 million tonnes, representing a decrease of 5.8% compared to the previous season, while Argentina's crop is expected to reach 55 million tonnes, an increase of 61.8% compared to the previous season.

 

Global corn exports are expected to increase by 8.4%, from 181.0 million tonnes in the 2022/23 season to 196.3 million tonnes in this new season, with the US being the second largest exporter of the grain with 51.4 million tonnes, an increase of 21.9% compared to the previous season.

 

The South American exportable supply is expected to increase significantly in Argentina, with a 78.3% increase in the new season with 41.0 million tonnes, while Brazil's is estimated at 55 million tonnes, representing a decrease of 3.5% compared to the previous season.

 

China is expected to import 23 million tonnes of corn, an increase of 24.3% compared to the previous season (18.5 million tonnes), while the EU is expected to maintain its imports at 24 million tonnes.

 

Global ending stocks are expected to increase by 4.8% to 312.4 million tonnes. For the US, stocks are expected to increase by 55.1%, while for Brazil and China, they are expected to decrease by 22.2% and 2.0%, respectively.

 

Global soybean production for the 2023/24 season is expected to increase by 7.9% over the previous season, from 370.2 million tonnes to 399.5 million tonnes.

 

Estimates for South American crops show an increase of 4.5% for Brazil, which would reach 163 million tonnes, while Argentina is projected to increase by 92.0% with 48.0 million tonnes.

 

Paraguay is expected to increase its production by 10.5% with respect to the 2022/23 season (9.1 million tonnes), reaching a crop of 10 million tonnes, returning to the levels that were usual until the 2020/21 season.

 

The export activity would be led by Brazil with 97.5 million tonnes, growing by 2.1% compared to the previous season (95.5 million tonnes), while the US will reach an export volume of 47.8 million tonnes, a figure that represents a decrease of 11.9% compared to the last harvest (54.2 million tonnes).

 

Argentina is projected to export 4.6 million tonnes, which would mean an increase of 12.2% with respect to the 2022/23 season (4.1 million tonnes).

 

China is expected to import 100 million tonnes, 2% less than the previous season.

 

Oilseed ending stocks are expected to increase by 13.5% globally to 115.6 million tonnes, supported by increases in stocks in Argentina and Brazil.

- Pig333