In the July WASDE, the 2020/21 U.S. corn ending stocks estimate was lowered 25 million bushels to just 1.082 billion bushels, an eight-year low, because of burgeoning corn feed demand.
For 2021/22, U.S. corn production is seen at 15.165 billion bushels, up 175 million bushels from the June forecast and above industry expectations. Forecast yield was unchanged month to month at 179.5 bushels per acre, and 2021/22 harvested area rose 1.0 million acres to 84.5 million acres.
Despite lower beginning stocks, 2021/22 ending stocks were forecast at 1.432 billion bushels, up 75 million bushels from the June figure on higher domestic production. Higher new-crop production was partially offset by predicted increases to feed use and exports in 2021/22.
U.S. corn ending stocks & STU by season