Foreign Corn Deficit – 09/14/2020

The USDA estimated the 2020/21 foreign  corn deficit at 60 million tonnes which will be the fourth consecutive season of large shortfalls. Depleted stocks will translate the deficit into stronger export demand for U.S. corn. China has already purchased 9 million tonnes of U.S. corn for 2020/21 delivery compared to 2 million tonnes in 2019/2020 and less the one million tonnes the four preceding seasons.

USDA currently projects U.S. corn exports at 2.3 billion bushels compared to less than 1.8 billion bushels last year.