Global production for the season 2017-18 is projected higher both for Corn and Soybean, respectively at 1043.9 Mio t (+0.5% from October outlook) and 347.9 Mio t (+0.2%).
Corn production increased in the U.S. (370.3 Mio t, +2.1% from last month), on a record high yield (11.01 MT/HA), and EU-28, more than offsetting the decrease for Ukraine (25 Mio t, -7.4%), Russia and Vietnam. The projected corn yields for Russia and Ukraine are reduced based on reported harvest results to date.
Soybean production is expected slightly lower in the U.S. (120.44 Mio t, -0.1%), due to a fractionally lower yield, while in Brazil Soybean production is increased 1 Mio t to 108 Mio t (+0.9%) on higher reported area for Paraná and Rio Grande do Sul.
Corn export is lowered for Ukraine (20.5 Mio t, -4.6%), but raised for the U.S. (48.9 Mio t, +4.1%), reflecting expectations of improved U.S. competitiveness and increased demand from Mexico based on sharply lower sorghum production prospects. Import is raised for Mexico (16.5 Mio t,+6.5%) and Canada, but lowered for South Korea. If realized, Mexico would be the main Corn importer in the 2017-18 season.
Soybean export is expected higher for Brazil (65 Mio t, +1.6%) and Paraguay (6 Mio t, +9.1%), while increased the Soybean Import for China (97 Mio t, +2.1%).
Global Corn ending stocks are raised (203.9 Mio t, +1.4%), mainly reflecting the increase for U.S. (63.2 Mio t, +6.3%), EU and Argentina, more than offsetting a decline expected for China (78.7 Mio t, -0.7%), Vietnam, Canada and Ukraine.
Also Soybean ending stocks are up from last month (97.9 Mio t, +1.9%), mostly reflecting increases for China (20.64 Mio t, +5.1%), Argentina and Brazil.