Mar 9, 2021
The USDA maintained its forecast for 2020-’21 corn use in ethanol in its latest World Agricultural Supply and Demand Estimates report, released March 9. The outlook for 2020-’21 corn supply, use and price were also unchanged.
The forecast for 2020-’21 corn planted area was unchanged at 90.8 million acres, up from 89.7 million acres in 2019-’20. Area harvested is expected at 82.5 million acres. Yield per harvested acre is expected at 172 bushels, up from 167.5 bushels in 2019-’20.
Corn production for 2020-’21 is expected at 14.182 billion bushels. An estimated 4.95 billion bushels of corn is expected to go to ethanol production in 2020-’21, up from 4.857 billion bushels in 2019-’20, but down from 5.378 billion bushels in 2018-’19.
The projected season-average farm price for corn is unchanged at $4.30 per bushel.
Foreign corn production is forecast higher with increases for India, South Africa, and Bangladesh that are partly offset by a decline for Mexico. India corn production is higher with increases to both area and yield. South Africa corn production is raised reflecting more favorable yield prospects.
Corn exports are raised for India, Vietnam, and South Africa. Imports are increased for Vietnam, Bangladesh, and the Philippines.
Foreign corn ending stocks for 2020-‘21 are higher, mostly reflecting increases for India, Vietnam, and Paraguay that are partly offset by reductions for Argentina and Mexico. Global corn ending stocks, at 287.7 million tons, are up 1.1 million from last month.
Read the original story here.