MARKET REPORT FEED & ADDITIVE MAGAZINE February 2024 81 from 1,225 million tonnes in 2021/22 to 1,165 million tonnes in 2022/23. This high decline in production is not expected to continue in the coming season. However, the latest estimates for the amount of increase indicate that we can only slightly exceed the production amount at 2021/22 levels. The latest forecast by the IGC is that production will be 1,130 million tonnes in the current season. This means an increase of 65 million tonnes against a decrease of 60 million tonnes. The data in the latest report of the USDA, the Foreign Agricultural Service of the US Department of Agriculture, dated 12 January, are also in line with the IGC report, although they differ slightly in the positive direction. According to the USDA report, world corn production, which was 1,216 million tonnes in the 2021/22 season, was 1,156 million tonnes in the 2022/23 season (down 60 million tonnes). USDA's forecast for the 2023/24 season is 1,236 million tonnes, an increase of 80 million tonnes. According to reports, this increase in production is at a level to meet the demand for corn. According to IGC data, world corn consumption, which was 1,217 million tonnes in the 2021/22 season, decreased to 1,177 million tonnes in the 2022/23 season. This means that consumption was 12 million tonnes more than the production amount in the same period. However, projections for the 2023/24 season indicate that consumption will be lower than production (12 million tonnes) at 1.218 million tonnes. The difference between production and consumption would normally mean an increase in available stocks. However, the low production in the 2022/23 season helped stocks to melt to some extent. According to the IGC report, stocks, which hovered around 180 million tonnes in the 2022/23 season, will decline to 176 million tonnes in the 2023/24 season. PROMINENT COUNTRIES IN CORN PRODUCTION The Americas accounted for more than 48 per cent of world corn production in the 2022/23 season. The USA is the largest corn producer both in the region and in the world. According to USDA data, the US produced 346.7 million tonnes of corn in the 2022/23 season. The country is expected to increase its production significantly to 389.6 million tonnes this season. China follows the US in global production with 277.2 million tonnes. Production in China is expected to reach 288.8 million tonnes in the 2023/24 season. Brazil, which achieved a significant increase in corn production in the 2022/23 season, is the third largest corn producer in the world with 137 million tonnes. Production in the country is expected to decline by 10 million (127 million tonnes) in the current season. Brazil is followed by the EU with 52.4 million tonnes, Argentina with 34 million tonnes, India with 38 million tonnes and Ukraine with 27 million tonnes. HIGHLIGHTS IN WORLD CORN TRADE According to the IGC report, world corn trade, which was 188 million tonnes in the 2020/21 season, declined to 180 million tonnes in the next two seasons (2021/22 and 2022/23). IGC forecasts that world corn trade will continue to decline in the 2023/24 season and remain around 176 million tonnes. USDA's January report, on the contrary to IGC, draws an increasing picture and predicts that trade will reach 198 million tonnes in the 2023/24 season, up from 180 million tonnes in the 2022/23 season. The ranking of the leading countries in the inCorn (Maize) Production Trade Consumption Stocks 2020/21 1,136 188 1,155 279 2021/22 1,225 180 1,217 287 2022/23 est. 1,165 180 1,177 275 2023/24 16.11 1,223 173 1,213 285 2023/24 11.01 1,230 176 1,218 287 Source: IGC - million tons
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