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Global corn production forecast for 18/19 MY increased by 3 million tons

Global corn production forecast for 18/19 MY increased by 3 million tons

Global corn production forecast for 18/19 MY increased by 3 million tons

In the current marketing season, the yield of corn is expected to be increased. The increase in the amount of this crop production is estimated at 3 million tons, and the harvest volumes, at the same time, will be 1.07 billion tons.

Such information was provided by the International Grain Council.

Compared to the previous MY, this year production is expected to decrease by 29 million tons.

According to preliminary estimates, the world trade of this crop will reach 160 million tons, which exceeds last year’s figure by 8 million tons.

It should be recalled that since the beginning of the current MY, almost 26.5 million tons of grain crops have been supplied abroad from Ukraine.

According to the new global forecast, corn production for 2018-2019 will be increased by 3 million tons. This growth is due to an increase in the area under corn cultivation in the United States and Brazil, as well as favorable weather conditions in several other producing countries. This could lead to increased competition in the global market for agricultural products and a decrease in corn prices. However, it could also result in increased export volumes and additional income for producing countries. It is necessary to consider possible risks such as changes in demand for corn due to changes in the economic situation in different regions of the world and changes in weather conditions, which could affect yields.