Global corn trade for 2011/12 is up slightly, with Chinese imports adjusted higher. World production is mostly unchanged with larger production in the United States, Ukraine, EU, and Russia mostly offset by lower crop prospects in Argentina. The season-average farm price for U.S. corn is lowered but remains a record.  

U.S. corn export quotes rose throughout the past month, recovering from year-long lows in mid-December based on stronger U.S. exports and growing concerns over the Argentine crop. Prices ended at $278/ton, $20/ton higher than at the time of the December WASDE release. Argentine and Brazilian quotes followed suit.

·         U.S. corn is boosted 1.0 million tons to 42.0 million on greater exportable supplies and lower prices.  

·         Argentine corn is cut 1.0 million tons to 17.5 million as dry conditions reduce new crop prospects.

·         Russian corn is raised 400,000 tons to 1.0 million on a rapid export pace and larger crop.

·         Paraguayan corn is up 300,000 tons to 1.8 million on strong October-December shipments.

·         Argentine barley is raised 200,000 tons to a record 2.4 million based on commitments to date.

·         U.S. sorghum is down 250,000 tons to 1.7 million due to tighter supplies and high prices. (As a result, Mexican sorghum imports are lowered 200,000 tons to 1.6 million).

·         Chinese corn is boosted 1.0 million tons to 4.0 million based on strong shipments and export commitments. 

Syrian corn is lowered 400,000 tons to 1.6 million on a slower-than-expected import pace due to disruptive current events.