National Corn Growers Association (NCGA) reports:
American farmers planted two percent fewer corn acres than forecast in June estimate but still exceeded 2018 acres planted by one percent, according to U.S. Department of Agriculture reports released today. The report indicates a 1.7 million-acre net decrease from the Acreage report released in June.
At the same time, today’s reports show a 3.5 bushel per acre increase to national average yield projections from last month, with 169.5 bushels per acre now forecast. With increased yield projections more than offsetting decreased planted acres, total production for 2019/20 is now projected to reach 13.9 billion bushels.
Yield projections, notably, reflect the season’s first survey-based yield forecast.
Ending stocks are forecast up by 171 million bushels to 2.2 billion given reductions to the projected demand for corn from the ethanol and export sectors, along with increased production projections. The season-average corn price received by producers lowered by 10 cents to $3.60 per bushel.