Projected U.S. and World Corn Supplies and Ending Stocks Reduced

U.S. 2015/16 corn area and production forecasts are reduced this month. With projected use unchanged, the reduced supply trims prospects for ending stocks. U.S. 2015/16 ending corn stocks are projected down 10 percent from estimated 2014/15 stocks. Projected 2015/16 corn farm prices are raised 5 cents per bushel to a midpoint of $3.80, up from $3.70 estimated for 2014/15.

World corn projections for 2015/16 reflect a similar pattern as U.S. forecasts, with reduced production, beginning stocks, and ending stocks this month. However, foreign corn use prospects are also reduced, limited by weak global income growth, low petroleum prices, and reduced production in Sub-Saharan Africa, where consumption in rural areas is tied to production.

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Source: USDA