Global Maize Market Weekly Summary: Key Updates for May 26, 2024
- United States: Corn production for 2024/25 is projected to decrease to 14.9 billion bushels (down 3%), but total supplies will rise to 16.9 billion bushels due to high beginning stocks, the largest since 2017/18. Exports are expected to grow by 50 million bushels, reaching 2.2 billion, bolstered by reduced exports from competitors like Argentina, Brazil, Russia, and Ukraine. Ending stocks will represent 14.2% of usage, the highest since 2019/20, with the average farm price forecasted at $4.40 per bushel, down by $0.25.
- Ukraine: Total grain exports dropped slightly to 44.4 million tonnes, with corn exports at around 25 million tonnes. Wheat exports, however, rose significantly to 16.6 million tonnes. Export pace is down 17% compared to last year, and flour exports saw a steep decline to 90.1 thousand tonnes.
- Brazil: The second corn crop is progressing, with Mato Grosso leading the harvest despite dry conditions affecting parts of the country. Regions like Paraná benefitted from good rain and cooler weather, while others, including Goiás and São Paulo, face risks from insufficient rainfall. The first crop harvest for 2023/24 is nearing completion across major regions.
- South Africa: Despite drought impacts, South Africa’s maize harvest remains on track, with 1.2 million tonnes delivered to commercial silos early in the season. The 2024 crop target is set at 13.3 million tonnes, though 19% lower than last year. The return of La Niña could bring additional rainfall for future yields. Strong regional demand, particularly for white maize, supports South Africa's role as a net exporter.
These updates illustrate the global maize market's volatility, shaped by weather conditions, export dynamics, and policy influences. Each country's approach to managing production and maximizing exports will significantly impact global supply and pricing trends in the maize market.
For more in-depth analysis, visit the CropGPT website, featuring extensive data on crop health, weather patterns, pricing, and market trends.
