Corn Production Up Globally, Stocks Down

The latest look at corn production around the world by the USDA shows a bit of an odd report.

World Ag Outlook Board Chair Seth Meyer said production is up.

“We got about six million metric tons of additional production at the global level. A little under half of that coming from the United States, the rest coming from around the world. Some of it is simply some historic revisions in some African countries. We made some revisions there.”

There were drops in production in Russia and Ukraine due to abnormally dry conditions.

Yet, more production has not helped ending stocks which are down 1.5 million metric tons, which according to Meyer is due to increased use.

“At least two million metric tons of that increased use is coming out of China as we see them increasing the use of corn in FSI, basically industrial uses in things like starch products, etc.”