In the Nov. 8 WASDE report, corn yield was lowered to 167.0 bushels per acre (bpa), down 1.4 bpa from the October report. Harvested acreage was unchanged at 81.9 million acres despite weather causing moderate fieldwork disruptions this past month. Accordingly, estimated corn production fell to 13.661 billion bushels, down 118 million bushels from last month.
Estimated feed and residual use and ethanol use, at 5.275 and 5.375 billion bushels, respectively, were both lowered by 25 million bushels.
Also, 2019/20 corn exports were lowered to 1.85 billion bushels, down 50 million bushels from the October estimate. Although recent export figures suggest a much lower export total, USDA may expect a deal with China among other factors to pick up the slack later this season.
Despite lower production, reductions to feed and residual use, ethanol use, and exports meant that estimated ending stocks for 2019/20 were only lowered by 19 million bushels to 1.910 billion bushels.