Importers, food manufacturers and livestock producers had hoped crop availability would improve after war-torn Ukraine resumed shipments from Black Sea ports this summer and American farmers planted big crops.
But the United States, the world’s top corn producer, is expected to reap its smallest corn crop in three years. The drought has also hit European crops and threatens the upcoming planting season in South America.
By the end of the 2022/23 crop year, global corn stocks will be enough for 80 days of consumption, down 28% from five years ago and the lowest level since 2010/11, according to figures compiled for Reuters by the International Grains Council, an intergovernmental organization. That would be fewer days of corn stocks than the world had in 2012, when the last global food crisis sparked riots.
What is expected in Argentina
The Bag of Cereals from Rosario plantings just started for the 2022/2023 corn crop are forecast to drop 7% from last season, to 8 million hectares (20 million acres), due to a known problem: drought.
The Argentine government has also limited the export of the crop, which will be planted in the coming weeks, to an initial 10 million tons, compared to 36 million tons in the 2021/22 corn season.
Source: Ambito
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