The Global Corn and Soybean production is expected to increase in the season 2018-19, respectively of +0.7% (1.069 Mio T) and +0.6% (369.32 Mio T), compared to August estimates.
In the United States, the world’s largest producer of Corn and Soybean, yields are forecasted higher, resulting into an increment in crops: +1.6% for Corn and +2.3% for Soybean.
+8.3%Corn import in EU-28 (forecast 2018-19)
Corn production is higher in the EU-28, reflecting the increases for Romania, Bulgaria, Hungary and France. The EU-28 outlook, the largest global Corn importer (13% of total share), is for a higher domestic demand, and imports are raised by +8.3% compared to 2017-18 season.
In China, the fourth world producer of Soy, Soybean production is expected higher (+3.4%). Imports are reduced 1 Mio t to 94 Mio t as slower growth in protein meal demand and lower crush in 2017/18 continue into the next marketing year, reducing the expectations of record imports estimated in May 2018.
Global Corn Ending stocks are forecasted at 157.03 Mio T, with an increase if compared to the last outlook, but they are still below the level of the previous five seasons. Also Global Soybean stocks are raised, reaching a record level of 108.26 Mio t.