On average, the industry expects USDA to lower its 2020/21 domestic corn ending stocks forecast from 1.702 billion bushels to 1.691 billion bushels in Thursday’s WASDE. This estimate may reflect an anticipated increase to exports. Globally, 2020/21 ending stocks are expected to drop by 2.7 MMT to 288.7 MMT.
Below-average rain in South America during planting and early development may lead to slightly smaller corn crops. Argentine 2020/21 corn production is expected at 49.3 MMT down 0.7 MMT from the November USDA forecast, while Brazilian corn is expected at 108.9 MMT, down 1.1 MMT from the November forecast.
U.S. corn ending stocks by season
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