Increasing Global and U.S. stocks for Corn and Soybean [Corn and Soybean – n°1/2018]

Global production for the season 2017-18 is unchanged both for Corn (1044.6 Mio t) and Soybean (348.6 Mio t) compared to December outlook.

Corn production is forecast lower for Russia, based on harvest results to date, Vietnam, due to the heavy rain during the growing season, and Philippines. These reductions offset the increment for Pakistan and U.S. (371 Mio t, +0.2%), mainly on increased yields (11.08 MT/HA), especially in Illinois, Minnesota and Ohio, where they are expected to be a record high.
Soybean production is raised for Brazil (110 Mio t, +1.9%), on higher yield (3.14 MT/HA), and EU-28 (2.5 Mio t, +0.8%), while it is lowered for U.S. (119.5 Mio t, -0.8%), on reduced yields (3.3 MT/HA), and Argentina (56 Mio t, -1.8%). Soybean production for Argentina is reduced on lower area planted to date.

Corn exports are expected lower for Russia, partly offset by an increase for Thailand.
Soybean export is down in the U.S. (58.8 Mio t, -2.9%), reflecting lagging sales commitments through December and increased competition from Brazil (67 Mio t, +2.3%).

Global Corn ending stocks are projected higher at 206.6 Mio t (+1.2% from December forecast), with increases for the U.S. (62.9 Mio t, +1.6%), on rising supply and falling use, Brazil (10.4 Mio t, +10.7%)  and Pakistan.
Soybean global stocks increased at 98.6 Mio t (+0.3%), reflecting the higher stocks for Brazil (22.4 Mio t, +2.3%) and U.S (12.8 Mio t, +5.5%).

Map of Corn Yields

Map of Soybean Yields

Source: USDA

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