USDA Guesses Surprisingly Low Corn Harvest - Supply Situation Diminished Assessment The US Department of Agriculture issued a new global crop estimate for 2019/20 in its June issue. The results were expected to be high for US corn crops, which were impacted by weather-related cropping and seeding. The result fell with approx. 347 million tonnes of US corn are surprisingly low even for experts. Last month, the estimate was 385 million t. The loss of production in the USA is going on at world level. The global corn harvest is just under 35 million t lower. This order of magnitude also corresponds to the worldwide loss of feed grain. With moderate consumption, final stocks fall by 23 million tonnes. In contrast, the global wheat harvest is rated 3 million tonnes higher at 780 million tonnes. However, a slight increase in consumption means that final stocks will not appreciably increase. For the EU, export competition from the Black Sea region is becoming more intense.In Russia and the Ukraine, wheat harvests and exports were raised again. Reports of insufficient rainfall in the Black Sea areas received little attention. The dryness in the SO Australia has not led to any change in the estimate of the Australian harvest. In contrast, the Indian wheat harvest was raised to the record level of 101 million tonnes . There is no import requirement this year. Overall, the trend towards a weaker global supply situation will continue. The price-determining indicator % final inventory for consumption falls from almost 31 to 28% . On the US stock exchanges there were corresponding price increases for corn by 1.7%. Wheat was raised 1.3% .
