WASDE Coarse Grains: Increased World Production, Trade

    Maturing corn ears. Photo: University of Minnesota

    This month’s 2020/21 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is unchanged at $4.30 per bushel.

    Global coarse grain production for 2020/21 is forecast 5.9 million tons higher to 1,444.8 million. The 2020/21 foreign coarse grain outlook is for larger production, increased trade, and greater ending stocks relative to last month.

    Foreign corn production is forecast higher with increases for India, South Africa, and Bangladesh that are partly offset by a decline for Mexico. India corn production is higher with increases to both area and yield. South Africa corn production is raised reflecting more favorable yield prospects.

    World barley production is higher with an increase for Australia.

    Corn exports are raised for India, Vietnam, and South Africa. Imports are increased for Vietnam, Bangladesh, and the Philippines. Barley exports are raised for Australia, with higher imports for Saudi Arabia and Algeria.

    Foreign corn ending stocks for 2020/21 are higher, mostly reflecting increases for India, Vietnam, and Paraguay that are partly offset by reductions for Argentina and Mexico. Global corn ending stocks, at 287.7 million tons, are up 1.1 million from last month.

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