Corn Production Forecast
The U.S. Department of Agriculture's report released has corn production forecast at 14.280 billion bushels, up 96 million from last month.
Corn supply remains unchanged despite yield again being raised by almost a bushel to 171.8. The yield increase was offset by an adjustment in acreage planted and lower stocks.
Lower planted acres likely reflects more accurate accounting of spring weather difficulties.
Corn price projections also remain unchanged from last month's report, with the average projected range at $2.80 to $3.60 per bushel.
Ethanol use rebounded from its projected drop last month, with numbers back at August levels of 5.5 billion bushels. Price remains unchanged, thus reflecting the need for new markets and new uses to be developed.