USDA lowered average 2018/19 corn yield to 178.9 bushels per acre, down 1.8 bpa from the October estimate. The industry had been expecting a slight reduction, down to around 180 bpa. The change in yield reduced estimated production to 14.626 billion bushels, down 152 million from last month but still up 22 million bushels from 2017/18 production. On the demand side, USDA lowered feed use by 50 million bushels and exports by 25 million bushels. The net effect on ending stocks was a 77 million bushel reduction from the October estimate, to 1.736 billion bushels, which if realized would mean a 404 million bushel drop from 2017/18 ending stocks.
Corn Use by Category