Global Production for the season 2017-18 is projected lower both for Corn (1036.1 Mio t, -0.5% from March outlook) and Soybean (334.8 Mio t, -1.8%).
115 Mio t of Soybean production in Brazil(outlook 2017-18)
Corn production is down in Argentina (33 Mio t, -8.3%), on reduction to both harvested area and yield, Paraguay and Brazil (92 Mio t, -2.6%), reflecting expectations of lower second-crop area. These decreases more than offset the increase for Mexico and South Africa.
Also Soybean production is lowered in Argentina (40 Mio t, -14.9%), again on reduced harvested area and yields, India and Uruguay, partly balanced by a higher production for Brazil (115 Mio t, +1.8%). Production in Brazil is forecast at a record level, on higher projected yields for Mato Grosso, Mato Grosso do Sul, and Paraná, due to beneficial rainfall during the growing season.
Corn Export is expected lower for Brazil (33 Mio t, -5.7%) and Argentina (24 Mio t, -4%), with reduced export competition from these countries expected to impact the first half of 2018-19 marketing year in the United States. Corn imports are lowered for Iran, Malaysia, Taiwan, Mexico and Chile, with partially offsetting increases for Bangladesh and Turkey.
Soybean exports are reduced as higher exports for Brazil (70.5 Mio t, -3.5%), Russia, and Ukraine are balanced by lower exports for Argentina (4.2 Mio t, -38.2%) and Uruguay.
Global Corn ending stocks are lowered (197.8 Mio t, -0.7%), with the largest declines for Argentina (4 Mio t, -24.5%), Paraguay, and Brazil (10.9 Mio t, -4.4%) more than offsetting the increase for United States (55.4 Mio t, +2.6%), on lower food, seed and industrial use.
Also Soybean ending stocks are down (90.8 Mio t, -3.8%) with reductions mainly for Argentina (28.6 Mio t, -8.4%), Brazil (21.1Mio t, -2.8%) and the EU (1.1 Mio t, -11.7%).