Attache Lowers Mexico's 2011-12 Corn Forecast, Boosts Wheat

November 1, 2011 04:53 AM
 

The U.S. ag attache in Mexico has lowered its forecast for the 2011-12 corn crop but raised its wheat production estimate. The attache says adverse weather is largely behind the lower corn estimate, while wheat acreage was revised up.

The attache estimates Mexico's 2011-12 corn crop at 20.5 million metric tons (MMT), down from USDA's current estimate of 24 MMT due to smaller-than-expected area and unfavorable weather. The attache's total consumption forecast was lowered to 30.6 MMT, although still above last year's 28.5 MMT. The attache says feed consumption is expected to shift from corn to sorghum, DDGS and wheat due to the lower-than-previously expected corn crop. Meanwhile, Mexico's import forecast was raised 600,000 metric tons to 9.8 MMT, mainly from the U.S. -- up from 7.65 MMT last season.

For wheat, the attache raised its planted acreage estimate, therefore boosting total production to 3.775 MMT, up from 3.679 MMT last season.


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