USDA Revises Corn Trade Projections
The US Department of Agriculture (USDA) has revised up its forecasts for Argentine and Brazilian corn exports in the 2021/22 market year (October-September) by 1.0 Mt each to a respective 41.5 Mt and 31.0 Mt. However, harvests in both countries are threatened by drought caused by the La Niña weather event. The forecast for Ukrainian corn exports was also upgraded by 1.0 Mt to 33.5 Mt amid a larger crop and reports of strong interest from Chinese buyers.
By contrast, the US corn export forecast was cut by 1.5 Mt to 61.5 Mt following slow sales and shipments amid competition from other exporters and uncompetitive pricing.