International Corn Market

13-May-2025 08:27 AM

International Corn Market
As of May 11, 62% of the U.S. corn crop had been planted, ahead of the 5-year average pace by 6 percentage points. Emergence was recorded at 28%, surpassing the 5-year average of 21%. The USDA's corn balance sheet showed a 50 million bushel decrease in old crop stocks, bringing it to 1.415 billion bushels, driven by an increase in exports. The first estimates for the new crop maintained the March forecast for planting (95.3 million acres) and trend yield (181 bushels per acre), forecasting a total production of 15.82 billion bushels. The new crop stocks were estimated at 1.8 billion bushels, significantly lower than the average market expectation.
Argentina's corn production was maintained at 50 million metric tons (MMT), while Brazil's output was raised by 4 MMT to 130 MMT. Global ending stocks for 2024/25 were lowered by 0.36 MMT to 287.29 MMT, while new crop stocks were recorded at 277.84 MMT.
According to export inspections, 1.22 MMT (48.19 million bushels) of corn was shipped in the week ending May 8. This was 24.29% lower than the previous week but 21.85% higher than the same week last year. Japan was the largest destination with 370,450 MT, followed by Mexico (357,162 MT) and South Korea (271,068 MT). Total shipments for the marketing year to date stood at 43.748 MMT (1.772 billion bushels), a 28.63% increase compared to the same period last year.