On average, the industry expects USDA to lower its 2020/21 domestic corn ending stocks forecast from 1.702 billion bushels to 1.691 billion bushels in Thursday’s WASDE. This estimate may reflect an anticipated increase to exports. Globally, 2020/21 ending stocks are expected to drop by 2.7 MMT to 288.7 MMT.
Below-average rain in South America during planting and early development may lead to slightly smaller corn crops. Argentine 2020/21 corn production is expected at 49.3 MMT down 0.7 MMT from the November USDA forecast, while Brazilian corn is expected at 108.9 MMT, down 1.1 MMT from the November forecast.