Cornhusker Economics June 14, 2017Projecting Corn and Soybean Crops: How Accurate Are Crop Forecasts?
Figure 2: Example of supply and demand information on the WASDE report – Projections for the corn market in 2017/18
World Corn Supply and Use1
(Million Metric Tons)
2017/18 Proj. | Beginning Stocks | Production | Imports | Domestic Feed | Domestic Total 2/ | Exports | Ending Stocks | |
---|---|---|---|---|---|---|---|---|
World3 | May | 223.90 | 1,033.66 | 144.79 | 650.86 | 1,062.30 | 151.91 | 195.27 |
June | 224.59 | 1,031.86 | 145.79 | 650.36 | 1,062.12 | 152.91 | 194.33 | |
United States | May | 58.30 | 357.27 | 1.27 | 137.80 | 315.61 | 47.63 | 53.60 |
June | 58.30 | 357.27 | 1.27 | 137.80 | 315.61 | 47.63 | 53.60 | |
Total Foreign | May | 165.60 | 676.40 | 143.52 | 513.06 | 746.69 | 104.29 | 141.67 |
June | 166.29 | 674.60 | 144.52 | 512.06 | 746.51 | 105.29 | 140.73 | |
Major Exporters4 | May | 14.89 | 147.50 | 0.41 | 65.30 | 84.00 | 64.20 | 14.59 |
June | 15.58 | 147.50 | 0.41 | 65.30 | 84.50 | 64.20 | 14.79 | |
Argentina | May | 2.86 | 40.00 | 0.01 | 7.50 | 11.30 | 28.50 | 3.06 |
June | 2.87 | 40.00 | 0.01 | 7.50 | 11.30 | 28.50 | 3.07 | |
Brazil | May | 9.27 | 95.00 | 0.30 | 52.00 | 61.00 | 34.00 | 9.57 |
June | 9.77 | 95.00 | 0.30 | 52.00 | 61.50 | 34.00 | 9.57 | |
South Africa | May | 2.76 | 12.50 | 0.10 | 5.80 | 11.70 | 1.70 | 1.96 |
June | 2.95 | 12.50 | 0.10 | 5.80 | 11.70 | 1.70 | 2.15 | |
Major Importers5 | May | 21.61 | 124.27 | 84.30 | 152.80 | 206.05 | 3.93 | 20.19 |
June | 21.61 | 122.77 | 85.30 | 152.70 | 205.75 | 3.93 | 19.99 | |
Egypt | May | 2.11 | 6.00 | 10.00 | 13.40 | 15.90 | 0.01 | 2.20 |
June | 2.11 | 6.00 | 10.00 | 13.40 | 15.90 | 0.01 | 2.20 | |
European Union6 | May | 5.99 | 63.50 | 14.00 | 56.10 | 75.00 | 2.50 | 5.99 |
June | 5.99 | 62.00 | 15.00 | 56.00 | 74.70 | 2.50 | 5.79 | |
Japan | May | 1.24 | - | 15.00 | 11.50 | 15.10 | - | 1.15 |
June | 1.24 | - | 15.00 | 11.50 | 15.10 | - | 1.15 | |
Mexico | May | 6.41 | 25.00 | 15.50 | 22.70 | 40.70 | 0.70 | 5.51 |
June | 6.41 | 25.00 | 15.50 | 22.70 | 40.70 | 0.70 | 5.51 | |
Southeast Asia7 | May | 3.22 | 29.61 | 15.10 | 36.65 | 44.45 | 0.72 | 2.76 |
June | 3.22 | 29.61 | 15.10 | 36.65 | 44.45 | 0.72 | 2.76 | |
South Korea | May | 1.91 | 0.08 | 10.20 | 8.00 | 10.30 | - | 1.89 |
June | 1.91 | 0.08 | 10.20 | 8.00 | 10.30 | - | 1.89 | |
Selected Other | ||||||||
Canada | May | 2.42 | 15.20 | 0.80 | 8.50 | 14.10 | 1.50 | 2.82 |
June | 2.42 | 14.40 | 0.80 | 8.50 | 14.10 | 1.50 | 2.02 | |
China | May | 101.31 | 215.00 | 3.00 | 166.00 | 238.00 | 0.02 | 81.29 |
June | 101.31 | 215.00 | 3.00 | 166.00 | 238.00 | 0.02 | 81.29 | |
FSU-12 | May | 2.61 | 48.35 | 0.36 | 20.43 | 23.21 | 25.71 | 2.40 |
June | 2.61 | 48.85 | 0.36 | 20.03 | 22.81 | 26.71 | 2.30 | |
Ukraine | May | 1.24 | 28.00 | 0.03 | 7.00 | 8.40 | 20.00 | 0.86 |
June | 1.24 | 28.50 | 0.03 | 6.90 | 8.30 | 20.50 | 0.96 |
1Aggregate of the local marketing years.
2Total foreign and world use adjusted to reflect the differences in world imports and exports.
3World imports and exports may not balance due to differences in marketing years, grain in transit, and reporting discrepancies in some countries.
4Argentina, Brazil, and South Africa.
5Egypt, the European Union, Mexico, Japan, South Korea, Taiwan and Southeast Asia.
6Trade excludes intra-trade.
7Indonesia, Malaysia, Philippines, Thailand and Vietnam.
Source: USDA, June 2017