This year’s corn crop is forecast to yield 13.63 billion bushels, but it won’t be a record crop, the U.S. Department of Agriculture (USDA) said in its World Agricultural Supply and Demand Estimates (WASDE) report last week.
The 13.63-billion-bushel projection would be 4 percent below last year’s record, the report said.
Corn beginning stocks for 2015/16 were raised in the report with a 25-million-bushel reduction in the 2014/15 forecast for corn use in ethanol production. Corn ending stocks for 2015/16 were projected at 1.77 billion bushels, up 25 million bushels, according to the USDA.
The range for the 2015/16 season-average farm price was unchanged at $3.20 to $3.80 per bushel, compared with the 2014/15 range of...