Global Corn production for the season 2017-18 is projected higher at 1038.8 Mio t (+0.6% from September outlook), while the global Soybean production is projected slightly down at 347.9 Mio t (-0.2%).
Corn production is raised in the U.S. (362.7 Mio t, +0.7% from last month), Nigeria, Turkey and Mozambico. This increase is partially offset by a reduction for Russia and Ukraine (27 Mio t, -1.81%), on reduced yields, and for other countries as Ethiopia and Tanzania.
In Russia and Ukraine it is expected a decrease also for Soybean production, not fully balanced by the increase projected for China (14.2 Mio t, +1.4%), and Mexico (0.5 Mio t, +14.3%).
Corn export is projected higher for Mexico and Argentina (29 Mio t, +1.8%), the third global exporter, which recorded a constant growing trend since the 2013-14 season). Corn export is lowered, as the supply, in Russia and Ukraine (21.5 Mio t, -2.27%), for which is expected also a reduction in Soybean Export.
Global Corn ending stocks are reduced (201 Mio t, -0.7%) reflecting the decrease for Mexico and China (79.2 Mio t, -2.5%), mainly due to the higher food, seed and industrial use for Corn, partially offset by an increase for Argentina (6.07 Mio t, +32.8%), Turkey and USA (59.4 Mio t, +0.2%).
Also Soybean ending stocks are down (96 Mio t, -1.5%) with reductions for Brazil and U.S. (11.7 Mio t, -9.4%). If realized, ending stocks relative to use would be the highest since 2006-07 in the U.S..