Much larger corn crops in Argentina and the U.S. will be driving down global prices and spurring international trade in the 2023-24 marketing year, USDA said Friday.
U.S. corn farmers are planting more acreage this year and yields will be stronger, driving production to a record-high of 15.3 billion bushels, according to USDA’s World Agricultural Supply and Demand Estimates report. With beginning stocks expected at about 1.4 billion bushels, total corn supplies are forecast to reach 16.7 billion bushels – the highest level in six years. With all that corn and rising demand from countries like China, USDA expects U.S. exports will surge for the 2023-24 marketing year to 2.1 billion bushels, a 325 million-bushel increase from the previous marketing year, “as lower prices support a sharp increase in global trade following the decline seen during 2022-23.” Read more