USDA reduces crop supplies
Corn production in the U.S. is forecast at 14.7 billion bushels, down 1% from the previous forecast but up 8% from 2019, according to the monthly crop production report from USDA published last week.
Based on conditions as of Oct. 1, yields are still expected to average a record high 178.4 bushels per harvested acre, down 0.1 bushel from the previous forecast. Harvested acres are projected down 1% from last month.
Corn supplies are forecast down sharply from last month as the result of the smaller crop and lower beginning stocks.
In Iowa, the anticipated...
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