Chapter 2 – Grain market dynamics
According to the August 24 WASDE report, the Brazilian maize crop is estimated to decrease by 15 million tons during the 23/24 season. This is likely to weigh on their local stock-to-use ratio, price competitiveness and ability to maintain their position as the leading exporter of maize. As the US re-emerges as the leading exporter, current-season production prospects in the US will be key in giving global maize markets direction. Current US production conditions are extremely favourable, adding further momentum to the downward price trend in global maize prices, apparent since May 2022.
Corn stock-to-use ratios show that the US is likely to regain its status as the leading exporter.
Figure 2
Source: WASDE, 2024
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