Washington, DC — Global corn production is down with smaller crops in Argentina, Brazil, Kenya, and Mexico more than offsetting larger crops in Ukraine and the United States, according to the monthly USDA Grain: World Markets and Trade report issued Wednesday (Jan. 12).
Global trade is higher than last month as Ukraine has greater exportable supplies and Argentina and Brazil have had stronger-than-expected exports to begin the trade year.
The higher exports for these countries more than offset lower exports for Paraguay and the United States.
Global imports are also up on higher imports for Brazil, Canada, and Mexico.
The U.S. season-average farm price is unchanged at $5.45 per bushel.
Global wheat production is up this month primarily on a larger forecast for Argentina.
Global consumption is lowered this month, primarily on reduced feed and residual use.
Ending stocks are revised slightly higher this month but are still down more than 3% from the prior year.
Global trade is forecast lower with reduced imports for the United States, Pakistan, and South Africa this month, but remains at a record.
Exports are trimmed for Russia and the United States, partially offset by a higher forecast for Argentina.
The U.S. season-average farm price is up 10 cents to $7.15 per bushel.