Feed Outlook, November 2019 (summary)
Another Reduction in the 2019/20 Projected Corn Crop
The NASS Crop Production report lowered yield for the 2019/20 corn crop by 1.4 bushels per acre, resulting in a 118.3-million-bushel cut in production to 13,661 million bushels, and supplies of 15,825 million bushels. The harvested area is unchanged. 2019/20 demand is projected 100 million bushels lower at 13,915 million, due to lower feed and residual, corn for ethanol and exports. As a result of tightening supplies, the season average price for corn is raised $0.05 per bushel to $3.85 from last month’s forecast.
The pace of U.S. corn exports continues to lag behind, as Census export data are the lowest since 1976. With reduced projected U.S. corn production, U.S. exports are projected 1.5 million tons lower on an October-September basis, which further decreases the country’s share in global trade. For Brazil, corn exports are projected up 3.0 million tons this month.