Global Corn production for the season 2017-18 is projected higher at 1044.7 Mio t (+0.1% from November outlook), while the global Soybean production is projected slightly lower at 348.5 Mio t (-0.1%).
Corn production is raised in China (215.9 Mio t, +0.4%), EU-28 (60.1 Mio t, +0.8%), Laos and Guatemala, more than offsetting a reduction for Russia. EU-28 Corn production is higher, mostly reflecting an increase for Romania that more than offsets declines for several countries.
Soybean production is steady in the main producing countries.
Corn exports are lowered for Russia, but raised for EU-28 (2 Mio t, +33.3%) which, according to the latest weekly trade data, is however recording low export volumes in the current season.
Soybean export is lowered for Canada and for the U.S. (60.6 Mio t, -1.1%) on stronger-than-expected competition from Argentina (8.5 Mio t, +6.2%) and Brazil (65.5 Mio t, +0.8%).
Global Corn ending stocks are raised, mainly reflecting increases for China (79.6 Mio t, +1.1%), EU-28 (6.8 Mio t, +5.7%) and Brazil (9.4 Mio t, +3.3%), that more than offset declines for Egypt (2 Mio t, -10%), Mexico (4.5 Mio t, -3.6%) and United States.
U.S. Corn ending stocks are down (61.9 Mio t, -2%), due to an increase in Corn used to produce ethanol following the higher Sorghum export to China that reduced the amount of Sorghum used to produce ethanol.
Global Soybean ending stocks are projected slightly higher at 98.3 Mio t (+0.4%). The increase for the U.S. (12.1 Mio t, +4.8%), due to the lower expectations for Soybean export, is more than offset by the decrease for Brazil (21.9 Mio t, -1.8%) and Argentina (37.2 Mio t, -1%).