WASDE Coarse Grains: Season-Average Corn Price Lowered

Corn harvest. Photo: Kostic Dusan, 123rf

This month’s 2019/20 U.S. corn supply and use outlook is unchanged relative to last month. The season-average corn price received by producers is lowered 5 cents to $3.80 per bushel based on observed prices to date.

Global coarse grain production for 2019/20 is virtually unchanged from last month at 1,402.8 million tons. This month’s foreign coarse grain outlook is for slightly higher production, consumption, and stocks relative to last month.

Global corn production is raised 0.4 million tons, as an increase for South Africa is partially offset by reductions for India, Peru, and Russia. For South Africa, production is higher as continued favorable conditions during the month of February boost yield prospects.

Major global trade changes for 2019/20 include higher projected corn exports for Ukraine, South Africa, and the EU. For 2018/19, Brazil’s exports for the marketing year ending February 2020 are lowered based on smaller-than-expected late-season shipments. Partly offsetting is an increase for Argentina. Corn imports for 2019/20 are raised for Canada and Peru but lowered for the Philippines. China’s sorghum imports are raised reflecting recent purchases from the United States.

Foreign corn ending stocks are raised, as increases for South Africa, Canada, and Russia more than offset a decline for Argentina. Global corn ending stocks, at 297.3 million tons, are up 0.5 million from last month.

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