This month’s 2021/22 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price remains at $5.45 per bushel.
Global coarse grain production for 2021/22 is forecast 2.7 million tons higher to 1,501.7 million. The foreign coarse grain outlook is for greater production, increased trade, and larger ending stocks relative to last month.
Foreign corn production is forecast higher as increases for the EU and Ukraine more than offset a reduction for China. EU corn production is raised reflecting increases for France, Romania, and Poland. Ukraine corn production is higher based on harvest results to date.
China corn production is reduced reflecting the latest information published by the National Bureau of Statistics which indicated higher area that was more than offset by a reduction in yield.
Barley production is raised for Australia but lowered for the EU and Iran. Sorghum production is increased for Australia.
Corn exports are raised for Ukraine and the EU. Imports are raised for Iran, Egypt, Saudi Arabia, and the United Kingdom, but lowered for Israel. For 2020/21, corn exports for Brazil are raised for the local marketing year beginning March 2021, based on higher-than-expected shipments through the month of November.
Sorghum exports for 2021/22 are raised for Australia, with higher imports projected for China. Foreign corn ending stocks are raised, mostly reflecting increases for Ukraine, the EU, Mexico, and Iran that are partly offset by a reduction for China.