Corn balance sheet adjusts to higher carryin and production

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Higher estimated September 1 corn stocks, as reported in the September 30 Grain Stocks report, boost 2013/14 beginning stocks by 163 million bushels to 824 million, but are still 165 million below 2012/13.

Planted acreage is forecast 2 million acres lower than September’s forecast at 95.3 million acres. Harvested acreage saw a smaller decline of 1.9 million acres to 87.2 million, possibly because producers shifted some corn from silage to grain as yield prospects improved. Planted and harvested acres for 2012/13 are 97.2 and 87.4 million acres, respectively.

The biggest reductions in harvested corn area this month were in Iowa, down 400,000 acres; Nebraska, down 250,000 acres; and Illinois and Kansas, each down 200,000 acres. Harvested corn acres fell 100,000 acres or more in Arkansas, Indiana, Michigan, Minnesota, Missouri, and North Dakota. Corn acreage in South Dakota advanced 300,000 acres from the September forecast, but most States with acreage increases saw only minor changes.

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