USDA raised its 2020/21 corn yield estimate to 181.8 bushels per acre (bpa), up 3.3 bpa from July’s forecast, which was already calling for a record high. This new yield forecast boosted new-crop production by 278 million bushels to 15.278 billion bushels, a new record, as well.

The 2020/21 yield and production estimates did not account for the recent derecho storm’s extensive damage, but private estimates suggest some 50 million to 200 million bushels may have been lost. A more accurate assessment is pending.

Corn exports for the current season and next season were both adjusted higher in the August WASDE. Exports for 2019/20 were raised by 20 million bushels to 1.795 billion bushels, and 2020/21 exports were set at 2.225 billion bushels, up 75 million bushels from the July estimate.

USDA also increased its 2020/21 feed demand by 75 million bushels to 5.925 billion bushels. Corn used for ethanol was left unchanged despite some speculation that it is overstated.

U.S. corn production & yield by season


Source: USDA
Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.