WASDE: Higher carry-in & bigger crop pad 2021/22 corn stocks

In the October WASDE, 2021/22 U.S. corn beginning stocks are estimated at 1.236 billion bushels, up 49 million bushels from September. Estimated 2021/22 corn yield is 176.5 bushels per acre (bpa), up 0.2 bpa from the previous estimate and above industry expectations. With improved [...]

WASDE: New-crop corn production & stocks raised

In the September WASDE, 2021/22 U.S. corn yield was estimated at 176.3 bushels per acre (bpa), up 1.7 bpa from August and above the average industry estimate. USDA also raised its 2021/22 harvested area estimate by 600,000 acres to 85.1 million acres. Improved yield [...]

Drop in 2021/22 corn production impacts use, stocks

The August WASDE shows national corn yield in 2021/22 at 174.6 bushels per acre (bpa), down 4.9 bpa from the original forecast. This drop in yield pushed production down to 14.750 billion bushels, still the second-largest crop on record, if realized, but down 415 [...]

Corn ending stocks adjusted in July WASDE

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 [...]

Corn prices soften in search of fresh fundamental drivers

Corn futures ended last week with different tones for old-crop vs. new-crop contracts. Dec-21 contracts were nearly flat, closing up slightly for the week at $4.6000 per bushel. This first look at the upcoming U.S. production season was close to market expectations, but projected [...]

May-21 corn futures briefly test $5 after weeks-long rally

Corn futures have posted an astounding rally that began in the middle of December and accelerated through the first week of January. Supported by expectations of an additional downward revision to 2020/21 domestic and Argentine production and a weak dollar’s perceived impact on export [...]

WASDE: U.S. corn ending stocks plummet

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 [...]

Corn supply reductions partially offset by lower demand

Friday’s WASDE report noted some expected changes to the domestic corn balance sheet, including supply reductions that were partially offset by adjustments to demand projections. Planted and harvested acreage for 2020/21 were both reduced by 1 million acres, with the latter now pegged at [...]

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