This month’s 2019/20 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is unchanged at $3.85 per bushel.
Global coarse grain production for 2019/20 is forecast 6.8 million tons higher to 1,401.7 million. The 2019/20 foreign coarse grain outlook is for larger production, increased consumption, and higher stocks relative to last month. Foreign corn production is forecast higher with increases for China and Bolivia more than offsetting a reduction for Canada.
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China’s corn production is raised, reflecting increases to both area and yield, based on the latest data from the National Bureau of Statistics. Canada’s corn production is lowered, as an increase in harvested area is more than offset by a reduction in yield.
Corn exports are lowered for Canada, Laos, and Mexico. Foreign corn ending stocks are raised from last month, largely reflecting increases for China, Bolivia, and Taiwan that more than offset declines for Canada, Colombia, and Paraguay. Global corn stocks, at 300.6 million tons, are up 4.6 million from last month.
