World Corn Production Predicted to be Second Highest on Record for FY12/13

This week's U.S. Grains Council Chart of the Week shows world corn production of 839 million metric tons (33 billion bushels) for the 2012/2013 marketing year will be the second highest on record, down 37 million tons (1.5 billion bushels) from 2011/2012 but up 8.2 million tons (322.8 million bushels) from 2010/2011, according to the U.S. Department of Agriculture.

The 44.8 million ton (1.8 billion bushels) decline in U.S. corn production over the past three years is mostly offset by production growth in Ukraine, Argentina and Brazil. The global stocks to use ratio fell to 13.7 percent, its lowest level in nearly 15 years.

U.S. corn exports and export market share have declined over the past several years due to reduced U.S. supplies, high prices that encourage global production, and increased competition in export markets.