Feed Outlook, November 2017 (summary)
Record-High Yield Boosts U.S. Corn Production
A 3.6-bushel-per-acre boost in the forecast national average corn yield, reported in USDA’s National Agricultural Statistics Service Crop Production report, resulted in a near 300-million-bushel increase in U.S. corn supplies to 16.9 billion bushels. Use is projected higher with increases of 75 million bushels for both feed and residual use and exports, respectively. Carryout is up 147 million bushels from last month. The projected corn price is unchanged at $3.20 per bushel. The projected yield for sorghum was lowered 1.8 bushels to 70.4 bushels per acre, resulting in an 8.8-million-bushel decline in projected production to 356 million bushels. Carryout was reduced similarly. The projected price for sorghum was raised 20 cents to $3.10 per bushel.