MARKET REPORT 66 FEED & ADDITIVE MAGAZINE February 2021 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. Rising prices since the World Agricultural Supply and Demand Estimates (WASDE) report published in December also support this. In world corn production, USA ranks first with 345,9 million tons in the 2019/20 season. The USA is expected to increase its production to 360 million tons in the next season. China follows the USA with 260 million tons. Production in China is expected to remain at almost the same levels in the new season. Brazil is the third largest producer in the world with 102 million tons. Production in the country is expected to reach 109 million tons in the new season. Brazil is followed by the European Union with 63.7 million tons, by Argentina with 51 million tons and by Ukraine with 35.8 million tons. It is predicted that there will be a decrease of 6 million tons in production in Ukraine, which is also an important exporter, in the coming period. This expectation started to show itself also in corn prices. The largest producers, the USA, China, the European Union and Brazil, continue to rank at the top in consumption, too. Consumption USA China EU Brazil Mexico India Egypt Japan Vietnam Argentina Others World Total 2018/19 310,446 274,000 87,500 67,000 44,100 28,500 16,200 16,000 14,200 13,800 255,436 1,144,488 2019/20 309,506 278,000 81,000 68,500 43,800 27,800 16,900 15,950 14,650 13,500 259,026 1,133,449 Dec 309,260 285,500 80,400 70,000 44,250 28,200 17,100 16,050 16,000 15,000 269,854 1,158,013 Jan 305,450 287,000 79,500 70,000 43,850 28,200 16,900 16,050 15,500 15,000 268,264 1,153,063 Source: USDA 2020/21 World Corn Consumption Local Marketing Years, Thousand Metric Tons Countries USA China Brazil EU Argentina Ukraine India Mexico South Africa Russia Others World Total 2018/19 364,262 257,174 101,000 64,376 51,000 35,805 27,715 27,600 11,824 11,415 171,599 1,123,770 2019/20 345,962 260,779 102,000 66,718 51,000 35,887 28,636 26,500 16,000 14,275 168,657 1,116,414 Dec 368,490 260,000 110,000 63,700 49,000 29,500 28,000 28,000 16,000 14,000 176,865 1,143,555 Jan 360,252 260,670 109,000 63,600 47,500 29,500 28,500 28,000 16,000 14,000 176,865 1,133,887 Source: USDA 2020/21 World Corn Production Local Marketing Years, Thousand Metric Tons
RkJQdWJsaXNoZXIy MTUxNjkxNQ==