WASDE maintains corn, ethanol forecasts
December 10, 2019
BY Erin Krueger
The USDA maintained its 2019-’20 for corn use in ethanol in its latest World Agriculture Supply and Demand Estimates Report, released Dec. 10. The forecasts for U.S. corn supply, use and season-average farm price were also unchanged.
The USDA currently forecasts corn production at 13.661 billion bushels, unchanged from November. Feed and residual use is also unchanged at 5.275 billion bushels.
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Corn use for ethanol in 2019-’20 is maintained at 5.375 billion bushels, compared to 5.376 billion bushels in 2018-’19 and 5.605 billion bushels in 2017-’18.
The projected season-average farm price is also unchanged at $3.85 per bushel.
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Foreign corn production is forecast higher with increases for China and Bolivia more than offsetting a reduction for Canada. China’s corn production is raised, reflecting increases to both area and yield. Canada’s corn production is lowered, as an increase in harvested area is more than offset by a reduction in yield.
Corn exports are lowered for Canada, Laos and Mexico. Foreign corn ending stocks are raised from last month, largely reflecting increases for China, Bolivia and Taiwan that more than offset declines for Canada, Colombia and Paraguay. Global corn stocks, at 300.6 million tons, are up 4.6 million from last month.
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