
Nov WASDE has not brought many news for
corn. Global production for the 2024/25 MY was raised by 2.2 MMT to 1.219 BMT.
However, there were no upward revisions for the key producers. In turn, harvest
prospects for the U.S. were reduced by 1.5 MMT to 384.6 MMT on lower yield
estimates that came in below expectations, but still record high.
Global corn exports for 2024/25 were lowered
by 0.7 MMT to 189.8 MMT, with cuts for Brazil (-1 MMT to 48 MMT) and South
Africa (-0.4 MMT to 2.8 MMT). Imports for China were again decreased, this time
by 3 MMT to 16 MMT.
Global corn consumption for 2024/25 was
raised by 6.2 MMT to 1.229 BMT.
Global ending stocks were reduced by 2.4 MMT
to 304.1 MMT, below the average trade expectation of 305.7 MMT. The U.S. corn
stocks were slashed by 1.5 MMT, bringing them down to 49.2 MMT due to reduced
crop output — a figure that fell short of market expectations.
Overall, the report is mainly neutral. On
the one hand, the U.S. yields and stocks are reported below expectations. On
the other hand, another sizable cut to China's imports is adding pressure to
the market.
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