Global production for the season 2017-18 is projected lower both for Corn and Soybean, respectively at 1041.7 Mio t (-0.3% from January outlook) and 346.9 Mio t (-0.5%).
Corn production decreased for Ukraine (24.1 Mio t, -3.5%), based on the latest official statistics, and Argentina (39 Mio t, -7.1%), where persistent heat and dryness during January and early February reduced yield prospects in key central growing areas.
In Argentina also Soybean production is lowered (54 Mio t, -3.6%) due to warmth and dryness, and other reductions are expected in Paraguay, Bolivia, India, Ukraine, and South Africa. Contrariwise, Soybean production in Brazil is projected higher (112 Mio t, +1.8%), as favorable weather throughout the growing season has raised yield prospects.
Corn Export is raised for Brazil (35 Mio t, +2.9%) and United States (52 Mio t, +6.5%), reflecting U.S. price competitiveness and reduced exports for Argentina (27.5 Mio t, -5.2%) and Ukraine (20 Mio t, -2.4%).
Soybean export is expected lower for the U.S. (57.1 Mio t, -2.8%), reflecting shipments and sales through January and increased export competition on larger supplies in Brazil (69 Mio t, +3%).
Global Corn ending stocks are down from last month (203.1 Mio t, -1.7%), mostly reflecting reductions for Argentina (5.3 Mio t, -16%), Ukraine (0.89 Mio t, -11.9%) and U.S. (59.7 Mio t, -5%) that more than offset increases for Mexico, Brazil, and Turkey.
Global Soybean stocks decreased (98.1 Mio t, -0.4%) reflecting the lower expectations for Argentina (35 Mio t, -3.2%), Bolivia, Paraguay, and India more than offsetting an increase for the United States (14.4 Mio t, +12.7%).