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USDA Grains: World Markets and Trade

12 August 2013

USDA Grains: World Markets and Trade - August 2013USDA Grains: World Markets and Trade - August 2013

USDA Grains: World Markets and Trade Reports

Global corn stocks in 2013/14 are projected to rise to the highest level in over a decade as record and near-record crops are forecast for the United States and other exporter countries. This would be the largest year-over-year surge in global stockssince the rebuilding following the 1995/96 global shortfall. The forecast rebound is entirely attributed to the United States, where prospectsfor a record crop would more than double stocks.

As a consequence of projected record global supplies, new-crop corn prices are currently significantly lower than last year at this time, when drought in the United States drove prices to new highs. The price drop is expected to stimulate record global consumption and import demand. However, falling prices are likely to impact planting decisions in the Southern Hemisphere in the coming months as producers reassess their relative profit margins for alternative crops.

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