May 11, 2022

Increase in domestic use of maize, increase in exports – AgFax

Corn harvest. Photo: Kostic Dusan, 123rf

The outlook for 2021/22 U.S. corn supply and use this month calls for increased food, seed and industrial use, higher exports and lower stocks compared to last month.

Corn used for ethanol is increased by 25 million bushels to 5.350 billion, based on data through January from the Grain Crushings and Co-Products Production report and weekly ethanol production data as reported by the ‘Energy Information Administration for the month of February. Exports were raised by 75 million bushels to 2.5 trillion, reflecting expectations of a sharp drop in exports from Ukraine.

The average farm price forecast for the season is increased by 20 cents to $5.65 a bushel.

Global coarse grain production for 2021/22 is forecast to increase by 1.5 million tonnes to 1,498.9 million. This month’s outlook for foreign coarse grains calls for higher production, lower trade and higher ending stocks compared to last month.

Foreign maize production is expected to increase slightly with increases for India and Russia partially offset by declines for Argentina and South Africa. Maize production in India is higher with increases in both area and yield. Corn production in Argentina is reduced as the higher reported acreage is more than offset by a reduction in yield. Maize production in South Africa is down, reflecting weaker yield prospects.

Maize exports are increased for the United States and India but reduced for Ukraine. Imports are reduced for Egypt, Algeria, Turkey, Israel, India and Bangladesh. Barley exports are increased for Australia and Canada but reduced for Ukraine.

Foreign corn ending stocks are higher, mainly reflecting increases for Ukraine, India and Russia which are partly offset by reductions for Argentina, South Africa and Bangladesh. Global maize ending stocks, at 301.0 million tonnes, were down 1.3 million from last month.

Full report.

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