In its March Supply and Demand report, the U.S. Department of Agriculture (USDA) revised the global corn balance for the 2025/26 marketing year, ProAgro Group reports.
Global market
According to updated estimates, global corn production is forecast at 1,297.44 million tons, which is 1.53 million tons higher than the previous projection. For comparison, production in the 2024/25 season is estimated at 1,230.6 million tons.
At the same time, the global corn consumption forecast has been slightly reduced to 1,300.5 million tons, although this figure still exceeds the previous season by approximately 50.5 million tons.
The global corn export forecast has been raised to 206.85 million tons, while global imports increased to 192.72 million tons, primarily due to stronger demand from Vietnam and the Philippines.
As a result of the revisions, global ending stocks of corn are now projected at 292.75 million tons, which is 3.77 million tons higher than previously expected.
Forecasts for Ukraine
In the new report, the USDA raised its forecast for corn production in Ukraine in the 2025/26 marketing year to 30.7 million tons, which is 1.7 million tons higher than the previous estimate. In the prior season, production was estimated at 26.8 million tons.
At the same time, the export forecast for Ukrainian corn remained unchanged, while the estimate of ending stocks was increased to 2.95 million tons, up 1.3 million tons from the previous outlook.
Analysts note that the report did not trigger a strong market reaction. March corn futures in Chicago closed at around $178 per ton, about 5.5% higher than after the February report, supported by rising energy prices.
