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Corn futures surged above $4.60 per bushel in January, reaching their highest level in over seven months, driven by tight global supplies and robust demand. The latest USDA report for 2024/25 indicates a continued contraction in U.S. corn stocks, with ending stocks forecast to fall for the seventh consecutive month, underscoring sustained demand, particularly from ethanol production. U.S. production is now expected to drop to 14.9 billion bushels, down by 276 million from December鈥檚 estimate of 15.1 billion bushels. Globally, maize supplies are the tightest since the 2020/2021 seasonwith global corn stocks revised down to 293.3 million tons, as major exporters, including the U.S., Brazil, Argentina, and Ukraine, face a 13% drop in maize stocks. Moreover, adverse weather conditions in Argentina threaten to further reduce supply, heightening concerns about export availability.
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