Global Maize Market Weekly Summary: Key Updates for May 20, 2024
- Russia: In Primorsky, 70% of the corn planting target is achieved, with an expected harvest of 540,000 tons. Currently, 695,000 hectares are cultivated, up 13% from last year. Despite challenges from low temperatures and rainfall, expansion plans to 495,000 hectares are underway, supported by government initiatives aimed at increasing corn and rice production.
- United States: The 2024/25 corn season forecasts increased supply, usage, and exports, resulting in higher ending stocks. Despite a 3% production decline (14.9 billion bushels), total supplies are anticipated to reach 16.9 billion bushels due to strong beginning stocks. Domestic use and exports are expected to rise slightly, with exports projected at 2.2 billion bushels, keeping the U.S. as the leading global corn exporter.
- Argentina: Maize production is projected to fall from over 60 million tons to 50.5 million tons, affected by climate-driven leafhopper infestations. Warmer conditions have increased pest populations, damaging crops. The government is accelerating pesticide approvals and working with farm associations to combat the pest's impact on maize.
For further analysis, visit the CropGPT website for detailed insights on crop health, weather trends, pricing, and market forecasts.
