Global Corn production for the season 2017-18 is unchanged at 1041.7 Mio t, while the global Soybean production is projected down at 340.8 Mio t (-1.7% from February outlook).
Corn production decreased in Brazil (94.5 Mio t, -0.5%), on expectations of a more modest increase in second-crop corn area, and Argentina (36 Mio t, -7.7%), due to continued heat and dryness during February. Corn production is raised for South Africa, following timely rains during reproduction, India and EU-28 (61.1 Mio t, +1.7%), based on recent data for France and Germany.
In Argentina also Soybean production is expected lower (47 Mio t, -13%), due to the dry conditions through much of the growing region in January and February, more than offsetting the increase for Brazil (113 Mio t, +0.9%).
+8.5%increase in U.S. Corn export (compared to February outlook)
Corn Export is projected higher for the United States (56.5 Mio t, +8.5%), reflecting U.S. price competitiveness, record-high outstanding sales and reduced export for Argentina (25 Mio t, -9.1%).
Soybean export is lowered for Argentina (6.8 Mio t, -20%), the United States (56.2 Mio t, -1.7%) and Uruguay, only partly offset by a higher projection for Brazil (70.5 Mio t, +2.2%).
Global Corn ending stocks for are down from last month (199.2 Mio t, -1.9%), mostly reflecting the decrease for the U.S. (54 Mio t, -9.6%), following higher export and increased Corn used to produce ethanol.
Also global Soybean ending stocks are decreased (94.4 Mio t, -3.8%), on reduced stocks in Argentina (31.2 Mio t, -10.8%) and Brazil (21.7 Mio t, -3.3%), not completely balanced by an increment for the United States (15.1 Mio t, +4.7%).