OVERVIEW

World corn production is boosted, supported by larger crops mainly in Serbia, Mexico, and Argentina. Trade is raised as stronger demand in several key countries - including Indonesia, Algeria, China, and Iran - more than offsets weaker imports by Mexico. U.S. exports and the season-average farm price are both unchanged.

PRICES

Following the release of the March WASDE report, U.S. corn quotes gyrated in advance of the USDA Prospective Plantings report. Prices climbed following the report's release but ended in early April, largely unchanged at $178/ton. Argentine quotes moved in tandem with U.S. corn, remaining at a $7/ton discount as new-crop harvest gets underway. In contrast, Black Sea quotes rose overall and are now only about $3/ton below U.S. prices. Brazilian quotes were not available.

TRADE CHANGES IN 2014/15

Selected Exporters

  • Argentine corn is raised 1.5 million tons to 16.0 million on a larger crop and forecast stronger-than-expected shipments during the April-September time period.
  • Serbian corn is boosted 500,000 tons to 3.0 million on a higher crop estimate and the rapid pace of shipments.
  • U.S. sorghum is up sharply by 1.5 million tons to a record 9.0 million on continued sales and shipments to China. Chinese imports are also raised 1.5 million tons to 8.5 million.

Selected Importers

  • Algerian corn is boosted 600,000 tons to 4.0 million on shipments from Argentina.
  • Chilean and Colombian corn are each raised 200,000 tons to 1.5 million and 4.4 million, respectively, on pace and lower expected sorghum imports.
  • Chinese corn is boosted 500,000 tons to 3.0 million because of strong shipments from Ukraine.
  • Indonesian corn is up sharply by 900,000 tons to 3.5 million on higher demand from the feed sector, mainly poultry.
  • Iranian corn is raised 500,000 tons to 6.0 million on trade data.
  • Mexican corn is cut 900,000 tons to 10.0 million on a larger crop.
  • Peruvian corn is up 300,000 tons to 2.6 million because of robust purchases from the United States.