USDA: an upward adjustment of global corn harvest affected Ukraine
According to the updated forecast of the analysts of USDA, volume of global corn production in 2014/15 season will be 991.29 million tons, which is 3.21 million tons more than previously estimated by the experts; also, it exceeds last year’s result (989.04 million tons).
In particular, experts have raised their forecast for Ukrainian corn yields to 28.45 million tons compared to 27 million tons that were declared earlier and 30.9 million tons from last season. This indicator has also been raised for the EU countries to 74.16 (73.96; 64.26) million tons, Mexico — to 23.2 (23; 22.88) million tons, Argentina to 23 (22; 26) million. tons and India to 22.5 (22; 24.19) million tons.
Analysts, on the other hand, have downgraded their forecast for Russia by 0.5 million tons, to 11.5 million tons, against 11.64 million tons a year earlier.
During 2014/15 MY, volumes of global corn export analysts predict to be 116.89 million tons against 114.79 million tons mentioned earlier, and 129.7 million tons from a season earlier. Thus, this figure was raised to 18 million tons for Ukraine (16.5; 20), Argentina- to 13.5 (12; 12.85) million tons and Paraguay — 2 (1.9; 2.7) million tons. In turn, the forecast was lowered for Russia to 2.5 (3; 4.19 million tons and South Africa — 2 (2.5; 2.1) million tons.