WASDE Report (December 2025): Global corn stocks decline, Ukraine output reduced
10-Dec-2025 08:22 AM
WASDE Report (December 2025): Global corn stocks decline, Ukraine output reduced
★ According to the latest USDA WASDE December update, the biggest adjustment in global corn balance came from an increase in carryover stocks, up by about 1.71 MMT (17.1 lakh tons), largely due to higher supplies in Argentina. However, the rise was mostly offset by reductions in the US.
★ World ending stocks for 2025/26 are estimated at 279.15 MMT (2791.5 lakh tons), down 2.19 MMT (21.9 lakh tons) from last month’s projection.
★ Ukraine’s corn production estimate has been lowered by 3 MMT (30 lakh tons), which could tighten global supply conditions.
International trade activity remains firm. A South Korean buyer purchased around 1.32 lakh tons of corn through a tender, though the origin was not disclosed.
★ Brazil’s export association ANEC projects December corn exports at 6.3 MMT (63 lakh tons), which is 1.31 MMT (13.1 lakh tons) higher than last week’s estimate and 2.03 MMT (20.3 lakh tons) more than last year during the same month.
★ Argentina has reduced its export duty on corn by 1 percentage point to 8.5%, potentially boosting export competitiveness.