Global corn production forecast increases

Global corn production is now forecast at 1.035 billion tons up from the September forecasts of 1.027 billion, the International Grains Council said this week.

Related: China buyers agree to buy 187.4 million bushels of U.S. soybeans

The increase was attributed to larger crops in Argentina, India and the United States.

Global soybean production was raised to 332.4 million metric tons, up from its previous 328.8 million estimate due to increases in Brazil and the United States.

Global corn production is now forecast at 1.035 billion tons up from the September forecasts of 1.027 billion and global soybean production was raised to 332.4 million metric tons, up from its previous 328.8 million estimate due to increases in Brazil and the United States.

Wheat production was raised 1.4 million to 748.4 million metric tons. Estimates were raised for crops in Russia and Kazakhstan, and lowered slightly for the United States and Europe. A year ago, global production was 736.6 million.

Argentina corn exports raised

Argentina is expected to export about 26 million metric tons of corn during the 2016/2017 crop year (March 2017-February), which is up 1 million from USDA’s current official forecast, according to the latest USDA attache report for that country.

The increase was attributed to the attache raising the previous crop by 2 million to 30 million tons. The current 2016/2017 crop is projected at 36.5 million, which matches USDA’s official number.

“Post increases harvested corn area for 2015/16 to 3.7 million hectares (9.14 million acres), 200,000 hectares more than USDA and corn production at 30 million tons, 2 million tons higher than USDA’s official number,” the report said. Harvested area for the 2016/2017 is forecast at 4.5 million hectares (11.12 million acres)

Changes in tax laws under the country’s new government have farmers planting more corn and wheat and fewer soybeans.  

Related: Brazil approves imports of some U.S. GMO corn

South Africa corn production to recover from drought

South African corn acreage is forecast to increase 26.2% in 2017 from this year’s drought damaged crop, the country’s Crop Estimates Committee said this week.

Decent rainfall and good prices should have farmers planting 2.46 million hectares (6.1 million acres) of corn, up from 2016’s nearly 1.95 million (4.82 million), it said.

“Producers indicated that more maize will be planted for the 2017 season, mainly because of favorable weather forecasts for the new season, which will hopefully bring relief after the previous seasons’ drought conditions. However, the rainfall can still influence farmers’ decisions,” the report said.

Previously, South Africa said it would need to import about 73.5 million bushels of corn this year to make up for the lost production from drought.