This month’s 2020/21 U.S. corn outlook is for lower production, reduced corn used for ethanol, smaller feed and residual use and exports, and decreased ending stocks.
Final 2020 crop numbers from USDA put the overall corn crop at 14.2 billion bushels and soybeans at 4.14 billion bushels, both below trade expectations.
WASDE report leaves corn unchanged but projects smallest soy stocks since 2013/14.
Corn Production Down 1 Percent from October Forecast
Soybean Production Down 2 Percent
Cotton Production Up less than 1 Percent
WASDE projects record corn exports and a smaller crop.
USDA Crop Production Report: corn and soybean production down 1% from last month.
WASDE reduced harvested acres for soybeans by 700 thousand from last month's estimate.
Old crop corn stocks on hand as of Sept. 1, 2020 totaled 2 billion bushels, down 10% from 2019. Old crop soybeans stored in all positions were down 42% from 2019.