Global maize stock estimated to be 3083.50 lakh tonnes

13-Sep-2024 05:45 PM

Washington. The US Department of Agriculture (USDA) has estimated the global outstanding stock of maize for the 2024-25 marketing season to be 308.35 million tonnes, which is 18.20 lakh tonnes less than the previous estimate.

The maize production estimate in the South American continent has been increased by 7 lakh tonnes to 115.72 million tonnes for the 2023-24 season. Maize sowing has started in Latin American countries.

According to USDA, an exporter has signed an export contract of about 1.19 lakh tonnes of maize of the 2024-25 season crop with an unknown country.

The harvesting of the new crop of maize in the US is likely to start soon. Weekly export sales there are reported to have reached above 6.66 lakh tonnes. This is an export contract for maize of the upcoming season's crop, whose shipment may start from next month.

It is noteworthy that industry and trade analysts had estimated that US corn export contracts would be between 7 to 16 lakh tons during the 50 weeks ending on September 5, but it fell far short of this.

Out of the export contracts made during the last marketing season, shipment of about 14.50 lakh tons of corn is still pending and it seems that this too will be sent next month.

Including this, export deals of 133.60 lakh tons of corn have been done so far in the current crop year. The weather in Brazil remains extremely hot and dry, due to which the pace of corn sowing is slow.