The U.S. Department of Agriculture has released its September supply and demand estimates, providing an updated look at the nation’s corn outlook. In this report, World Agricultural Outlook Board Chair, Mark Jackanowski discusses the latest changes in the domestic corn balance sheet.
“Looking ahead to the new marketing year, reduction in yield by about 2.2 bushels per acre, and it resulted in a reduction in U.S. production forecast by 213 million bushels. With that smaller crop, much of that reduction comes out of feed and residual, and a bit out of ending stocks. We didn’t change our export forecast. We held that steady at 3.275 billion for this new crop year, down a little bit from last year, but still very strong,” said Jackanowski.
Jackanowski also added, “Would be record if not for this past season’s record export volumes. Season average corn price for the new crop year, we raised 30 cents per bushel, now to $4.80 per bushel. That would be up 65 cents per bushel year over year, and this reflects just recent prices, recent strength in futures markets, and generally tighter supplies, including tighter ending stocks forecast globally and for the U.S.”
Audio Reporting by Elizabeth Sanders for Southeast AgNet.