International Corn Market

12-Mar-2025 08:06 AM

International Corn Market
There were no changes in the updated USDA balance sheet, as the U.S. corn carryout was projected at 1.54 billion bushels (BBU), which was higher than the expected reduction of 24 million bushels (MBU). Globally, the USDA made no changes to South American crops, keeping Argentina’s production at 50 million metric tons (MMT) and Brazil’s at 126 MMT.
For 2024/25, global ending stocks were reduced by 1.37 MMT, which was below the average trade estimate. This reduction occurred despite a 1.7 MMT increase in global production. The main reason for the cut was a 1.86 MMT decrease in the 2023/24 carryover, as Brazil’s previous year’s production was revised down by 3 MMT. This year, Brazil’s exports dropped by 2 MMT, while domestic usage increased by 1 MMT.
Meanwhile, a South Korean importer purchased 133,000 metric tons (MT) of corn overnight.