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Corn: USDA brings production and productivity of corn in the 2023/2024 harvest below expectations.

Porto Alegre - RS - Brazil 20231012

Corn Supply and Demand Report Issued by USDA
Corn: USDA Supply and Demand Report

Source: USDA and Rio Grande Agricola database.

Once again, the United States Department of Agriculture (USDA) surprised and brought the United States corn production figures below what the market expected.

The 2023/2024 corn harvest in the United States is practically consolidated and the report from the United States Department of Agriculture (USDA) brings lower-than-expected numbers for the production and productivity of the American cereal, compared to previous reports released by the department, bringing the data closer to reality and, contrary to those overestimated and initially predicted, in mid-March.

The 2023/2024 North American corn harvest was adjusted to 382.65 million tons, around 0.46% below that of September, which was estimated at 384.42 million tons. Productivity fell to 180.97 bags per hectare, compared to the 181.81 bags per hectare published in the last September report.

Final stocks of American corn were 53.62 million tons, around 4.96% below the last comparison, which was estimated at 56.42 million tons in September. Exports were also estimated to fall, remaining at 51.44 million tons, corresponding to 1.21% below the forecast in September, which was estimated at 52.07 million tons.

For the other data, with the exception of Argentina, there were no significant changes in world corn production data, according to a report released by the USDA in October. Argentina, on the other hand, had an increase in the harvest forecast by another 1 million tons in corn production for 2023/2024, therefore estimating total corn production in Argentina at 55 million tons.

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