HOUSTON (ICIS)–The US Department of Agriculture (USDA) has calculated the final corn numbers at record yield of 177.3 bushels per acre, with total corn production estimated at a new high of 15.3bn bushels according to the January World Agricultural Supply and Demand Estimate (WASDE) report.
Not only have corn numbers risen in the latest update but the agency said soybeans production for this past season came out higher, up by 35m bushels to stand at 4.2bn bushels.
For corn this month’s outlook is for greater production, increased feed and residual use, and higher ending stocks.
Corn production is projected at 15.3bn bushels, which is up 108m bushels due to a record 177.3 bushels per acre, which the agency noted was partly offset by a 600,000 acre decline in harvested area.
The USDA said total corn use is raised 75m bushels to stand at 14.6bn bushels with usage for ethanol raised by 50m bushels to 5.4bn bushels.
Feed and residual use is now calculated to be 5.7bn bushels, a lift of 25m bushels from the prior estimate.
The change is based on indicated disappearance during the September-November quarter as reflected by the grain stocks report, and historical revisions to production and stocks following the recent Agricultural Census results.
Published by: www.icis.com
Mark Milam
12-Jan-2024
