USDA lowered 2020/21 U.S. corn ending stocks by 465 million bushels in the November WASDE on lower new-crop production and higher exports.
Corn yield was lowered to 175.8 bushels per acre (bpa), down 2.6 bpa from the October estimate and notably below the average industry prediction. This yield cut led to a reduction of 215 million bushels for 2020/21 production, now estimated at 14.507 billion bushels.
USDA pegged 2020/21 exports at 2.650 billion bushels, up 325 million bushels from the October forecast as export demand from China continued to grow over the last month. Estimated Chinese import demand was raised from 7.0 MMT to 13.0 MMT.
U.S. corn feed demand was lowered by 75 million bushels to 5.700 billion bushels, partially offsetting the impact of lower production and higher exports on ending stocks.