Corn Production, Supply and Demand Data Statistics:

Corn

2013/2014

2014/2015

2015/2016

Market Begin Year

Oct 2013

Oct 2014

May 2016

Nigeria

USDA Official

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USDA Official

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USDA Official

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Area Harvested

4,250

4,250

4,250

4,150

0

3,800

Beginning Stocks

246

246

246

246

0

350

Production

7,700

7,700

7,500

7,515

0

7,000

MY Imports

200

100

200

300

0

300

TY Imports

200

100

200

300

0

300

TY Imp. from U.S.

31

50

0

100

0

0

Total Supply

8,146

8,046

7,946

8,061

0

7,650

MY Exports

100

100

100

200

0

250

TY Exports

100

100

100

200

0

250

Feed and Residual

1,900

1,800

1,900

1,950

0

1,750

FSI Consumption

5,900

5,900

5,700

5,561

0

5,550

Total Consumption

7,800

7,700

7,600

7,511

0

7,300

Ending Stocks

246

246

246

350

0

100

Total Distribution

8,146

8,046

7,946

8,061

0

7,650

1000 HA, 1000 MT, MT/HA

Production:

MY2015/16 corn production is estimated at 7.0 million tons, a seven percent decrease from the previous year, based on sizeable carryover supplies and declines in market prices. The Government of Nigeria proposed to purchase carryover supplies from farmers, but lowered global oil prices reduced government revenue. As a result, limited government purchases of corn supplies have been made to date. Moreover, Boko Haram's insurgency across Nigeria's main corn producing areas cut off transportation routes for food supplies within Nigeria and across borders to neighboring African countries.

Farmers are expected to shift away from corn cultivation in MY2015/16 as lack of storage facilities, limited funds and lowering prices continue to cut into their earnings. The current average corn price for MY2014/15 is $230 per ton, which is $130 lower than the average MY2012/13 price of $360 per ton.

Consumption:

MY2015/16 corn consumption is expected to drop more than seven percent to 7.3 million tons from 7.8 million in MY2014/15. In the past year, feed utilization had increased due to the steady growth in the poultry and aquaculture sectors; however, with the currency devaluation and weakened consumer purchasing power, poultry farmers and food processors (the major users) are reducing their corn usage levels.

Trade

Imports: Given large carryover supplies, MY2015/16 corn imports are estimated at 300,000 tons, a 50 percent decrease from the current MY2014/15 figure.

Nigeria's MY2014/15 corn imports are revised to 300,000 tons. Major commercial poultry operations reported large purchases for immediate use. Traders were concerned about the availability of domestic food supplies after Nigeria's presidential election, so additional purchases were made pre-election to help rebuild privately-held stocks.

Exports:There is high demand for Nigerian corn among food processors in both Nigeria and other West African countries. Farmers are concerned with low domestic prices, so Nigerian corn suppliers are expected to seek external markets in neighboring West African countries for better pricing, thereby increasing MY2015/16 exports to 250,000 tons.