USDA lowers corn production again
Corn production was lowered again in the USDA’s latest “World Agricultural Supply and Demand Estimates” report released Monday. The report also showed that the first survey-based corn yield forecast is also down 2.1 bushels from last month to 154.4 bushels per acre.
The projected prices are expected to raise slightly.
“The projected season-average farm price for corn is raised 10 cents at both ends of the range to $4.50 to $5.30 per bushel. Prices received by farmers are expected to remain above cash bid levels through the fall as producers who forward-priced corn earlier in the year support the weighted average farm-gate price,” the report said.
Corn beginning stock is also powered 10 million bushels lowers, with a 15-million-bushel increase in 2012-2013 exports partially offsets by a 5-million-bushel increase in imports. Exports are projected 25 million bushels lower on reduced domestic supplies and increased foreign competition.