By Eliza Popova
According to the agency, importers, food manufacturers and livestock producers hoped that the availability of crops would improve after Ukraine resumed grain supply and US farmers planted large crops. However, it is expected that the United States, the world's leading corn manufacturer, will collect the smallest corn yield over the last three years. The drought also caused losses to European yields and threatens the future sowing season in South America, the agency said.
Harvest forecasts in Argentina - the world's third corn exporter - have already decreased due to dry weather. By the end of the harvest of 2022/23, the world's corn reserves will only be enough for 80 days of consumption, which is 28% less than five years ago. According to the International Council for Grain, it is the lowest level of inventories since 2010/11.
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