Feed Outlook, May 2018 (summary)
Corn Crop Projected Smaller in 2018/19
The 2018/19 U.S. corn crop is projected at 14.0 billion bushels on smaller area and lower yield. Supply is 675 million bushels below last year at 16.3 billion bushels. Declines in feed and residual and export prospects are partially offset by strong outlook for corn used for ethanol, resulting in a 175-million-bushel decline in disappearance to 14.6 billion bushels. Carryout is pegged at 1.7 billion bushels, 500 million below last year. The midpoint of the forecast price range is $3.80 per bushel, $0.40 higher than last season.