Corn Belt production slows [Corn and Soybean - n°8/2017]

The U.S. Department of Agriculture, in the WASDE report of August 2017, shows for the season 2017-18 the estimates of a slightly decreasing global production for Corn (1033.5 Mio t, -0.3% from July outlook) and an increasing global production for Soybean (347.36 Mio t, +0.7%).

Corn production is reduced for the U.S. (359.5 Mio t, -0.7%), mainly on the lower estimates for many Corn Belt states (South Dakota, Iowa, Minnesota, Illinois). Corn production is expected down also for the EU-28 (60 Mio t, -2.6%) and Canada (13.9 Mio t, -3.5%), partially offset by an increase for Russia.
Soybean production is projected higher in the U.S. (119.2 Mio t, +2.8%), mainly on increased yields, while is expected lower in Canada, due to the dry weather in the Canadian Prairies and excessive rainfall in eastern regions.

Corn exports are lowered for the U.S. (46.99 Mio t, -1.3%), the EU (1.5 Mio t, -34.8%), Serbia and Canada (1.3 Mio t, -13%), more than offsetting an increase for Ukraine (21.5 Mio t, +4.9%) and Russia.
Lower U.S. Corn exports reflect the increased competitiveness of supplies in Brazil and Argentina, while U.S. Soybean exports are projected up 1.5 Mio t, partly balanced by lower Argentina shipments.

Global ending stocks are almost unchanged for Corn, while are projected higher for Soybean (97.78 Mio t, +4.5%), based on increased ending stocks in the U.S. (12.9 Mio t, +3.3%), Argentina (36.7 Mio t, +10.9%) and Brazil (24.02 Mio t, +3%), the three largest Soybean exporters (88% of global export).

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Corn and Soybean main exporters – share on total export (forecast 2017-18)

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