USDA Monthly Report on Corn Market Highlights

Introduction: on Friday, the U.S Department of Agriculture released a new monthly forecast report The main points of the corn market are as follows: first, the U.S corn export forecast for 2000 / 01 was increased Due to the sharp recovery of American corn export in recent period, the export volume has exceeded the originally predicted export target The U.S Department of agriculture raised the export volume in 2000 / 01 from 46.36 million tons to 47.63 million tons this month Accordingly, the corn inventory was also reduced to 50.88 million tons from 52.15 million tons predicted last month 2 The prediction of corn yield per unit area and yield in the United States in the new year has been lowered In 2001 / 02, the U.S corn yield is expected to be 133.9 bushels / acre, last month's forecast is 137 bushels / acre, and the planting area of corn is also slightly reduced by 100000 acres As a result, the corn yield is down to 9266 million bushels (235.38 million tons) from 9495 million bushels (241.18 million tons) predicted last month, which is slightly lower than analysts' forecast before the report 3 The U.S corn inventory was significantly reduced in 2001 / 02 Due to the sharp reduction of corn production in the United States, as well as the increase of corn consumption and export volume compared with last month's forecast, the final inventory of corn in the United States in 2001 / 02 was significantly reduced to 37.07 million tons from 46.43 million tons predicted last month 4 Affected by the dry weather, China's corn output in 2001 / 02 was reduced to 105 million tons from 115 million tons predicted last month, and the corn export was also reduced to 1 million tons from 2 million tons predicted last month, but the corn import remained unchanged, still 200000 tons The final inventory of corn was significantly reduced by 9 million tons, from 71.66 million tons predicted last month to 62.66 million tons V Argentina's corn production has been reduced by 500000 tons to 16 million tons, and its corn export has been reduced by 300000 tons to 11 million tons 6 The European Union's corn production was slightly increased, from 39.86 million tons predicted last month to 40.46 million tons The import, export and consumption of corn were increased by 900000-1 million tons, and the final inventory was reduced by 500000 tons 7 Looking at the world, in 2001 / 02, the global corn output decreased from 59743 million tons predicted last month to 5811 million tons, the corn export increased from 78.11 million tons predicted last month to 80.17 million tons, the corn consumption also increased by nearly 2 million tons, and the corn inventory decreased from 141.95 million tons last month to 124 million tons and 17.95 million tons.