MARKET REPORT FEED & ADDITIVE MAGAZINE February 2021 65 Service’s January report also supports the increase expectation. Unlike the IGC, the USDA forecasted 1,116 million tons for the 2019/20 season, and the same amount (1,133 million tons) as IGC for the 2020/21 season. Here, the main point is that the increase in production is not enough to meet the demand for maize. According to IGC data, world corn consumption, which was 1,147 million tons in the 2018/19 season, reached 1,153 million tons in the 2019/20 season. This means 29 thousand tons more consumption than the production amount in the same period. Likewise, forecasts for the 2020/21 season indicate that the consumption will be higher than the production (28 thousand tons) with 1,161 million tons. In the USDA report, the total consumption estimated for the 2019/20 season is 1,133 million tons and the estimated consumption amount for the 2020/21 season is 1,153 million tons. The difference is around 20 million tons. Corn Production Trade Consumption Carryover stocks 2017/18 1,091 153 1,116 345 2018/19 1,129 165 1,147 327 2019/20 Est. 1.124 174 1.153 297 26.11 1,146 185 1,169 275 14.01 1,133 183 1,161 268 Source: IGC - million tons 2020/21 Forecast The difference between production and consumption means that existing stocks, which declined each year, continues to fall further. The table in question indicates that corn prices will not be at a level that will satisfy the producer in the coming period.
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