The latest World Agricultural And Supply Demand Estimates are out from the USDA.
This month’s 2017/18 U.S. corn outlook is for increased production, greater feed and residual use, higher ending stocks, and lower prices.
Corn production is forecast at 14.184 billion bushels, up 32 million from last month. Corn supplies are up from last month, as a larger crop more than offsets a small decline in beginning stocks due to updated use estimates for 2016/17.
Feed and residual use for 2017/18 is raised 25 million bushels with a larger crop and lower expected prices.
Corn used for ethanol for 2017/18 is projected down 25 million bushels at 5.475 billion, based on observed usage during 2016/17 and expectations of lower exports.
Other industrial use is lowered 50 million bushels.
And with supply increasing and use falling, corn ending stocks are up 62 million bushels from last month.
The projected range for the season-average corn price received by producers is lowered 10 cents on both ends to a range of $2.80 to $3.60 per bushel.
