Global corn ending stocks-24/25 are seen lower by 1.47 MMT at 310.1 MMT, which fell short of trade guess (310.9 MMT). Projection was declined for the EU – by 0.6 MMT to 6.9 MMT and the United States – by 0.6 MMT to 52.7 MMT, lower than trade guess (53.23 MMT). For the USA stocks were lowered due to higher projection for export of corn – by 1.9 MMT at 58.4 MMT.

For 2024/25 MY global corn production was seen at 1.219 BLN MT, down roughly 5 MMT m/m, due to downward revision made for the European Union – by 3.5 MMT to 60.5 MMT (62.9 MMT per EU Commission), Ukraine – by 0.5 MMT to 27.2 MMT, well above local analysts, who applied hot temperatures effect (24.1 MMT per ASAP Agri, 24.5 MMT per Barva) and russia – by 0.9 MMT to 14.1 MMT (14.3 MMT per IKAR). At the same time, in the USA corn crop is seen higher by 1.1 MMT at 384.7 MMT, owing to record high yield, which exceeded the trade guess (383.6 MMT) but lower than 386.3 MMT per StoneX.

Global export in 2024/25 MY is forecasted at 191.5 MMT, down by 0.34 MMT m/m. Main revisions were made for russia – by 0.4 MMT to 4.2 MMT, Ukraine – by 0.5 MMT to 24 MMT, and the EU – by 0.5 MMT to 3.5 MMT.

Aug WASDE pegged global consumption in 2024/25 MY lower by 4.11 MMT at 1.218 BLN MT with the EU seeing the biggest cuts – at 75.6 MMT (-2.5 MMT m/m). Also, analysts project corn consumption in the USA at 321.7 MMT (-0.4 MMT), and in russia – at 10.3 MMT (-0.5 MMT).

For 2023/24 MT corn crop was lowered to 1.223 BLN MT, down 1.6 MMT m/m, owing to downward revision of production in Argentina (50 MMT; -2 MMT), which could not be offset by higher crops for Ukraine (32.5 MMT; +1.5 MMT) and the EU (61.45 MMT; +0.4 MMT).  Global exports was lowered by 0.36 MMT to 200.6 MT, also because of lower figures for Argentina (35 MMT; -2 MMT). However, for Ukraine in 2023/24 MY WASDE put export at 29.5 MMT, up 1.5 MMT m/m.