Feed Outlook, August 2019 (summary)
Corn Crop Grows on Yield Increase
The 2019/20 U.S. corn crop projection is raised 26 million bushels this month as a 3.5-bushel-per-acre increase in yield to 169.5 bushels virtually offsets a 1.6-million-acre decline in harvested area to 82.0 million. If realized, this would produce a crop of 13,901 million bushels. Use is projected lower on a 25-million-bushel decline in corn for ethanol and a 100-million-bushel decline in exports. Resulting ending stocks are raised, resulting in a price forecast $0.10 per bushel lower at $3.60.