This month’s 2021/22 U.S. corn supply and use is unchanged relative to last month. The season-average farm price remains at $5.45 per bushel.
Global coarse grain production for 2021/22 is projected 2.7 million tons lower to 1,497.4 million. This month’s foreign coarse grain outlook is for lower production and consumption, and smaller ending stocks relative to last month.
Foreign corn production is lower, mostly reflecting declines for Brazil and Paraguay that are partially offset by an increase for the Philippines. Brazil corn production is reduced based on lower yield expectations for first crop corn. Paraguay corn production is down as extreme heat and dryness sharply reduce yield prospects.
Foreign barley production is reduced reflecting declines for Iraq and Syria.
Major global coarse grain trade changes for 2021/22 include lower corn exports for Paraguay. For 2020/21, Argentina and Brazil’s exports for the marketing year beginning in March 2021 are raised based on observed shipments to date. For 2021/22, corn imports are raised for Iran and Canada.
Barley exports are increased for the EU, with higher imports projected for China but lowered for Saudi Arabia.
Foreign corn ending stocks are down, mostly reflecting a forecast reduction for Brazil that is partly offset by an increase for Argentina. Global corn stocks, at 302.2 million tons, are down 0.9 million.