USDA lowers Nation’s corn crop by 100-Million Bushels

(Washington D.C.) The USDA lowered the national average corn yield by 1.4 bushels per acre to 167 bushels in their latest World Agriculture and Crop Progress report on Friday morning.

The USDA estimated the nation’s crop at 13.67 billion bushels down 100-million bushels from last month. Their figures fell within the range of pre-report estimates.

The USDA estimated the soybean production at 3.55 billion bushels down slightly from last month, with the national average yield estimated at 46.9 bushels per acre. This was unchanged from last month.

USDA estimated domestic ending stocks at 1.91 billion bushels, a slight decrease from 1.93 billion bushels last month. USDA lowered its forecast for feed use feed and residual and ethanol categories by 25 million bushels each while cutting its export forecast by 50 million bushels.

USDA raised 2019-20 ending stocks by an estimated 15 million bushels to 475 million bushels for the November estimate. That compares to the 913 million bushel carryover from the 2018-19 soybean crop year.