According to the U.S. Department of Agriculture’s (USDA) World Agricultural Supply and demand Estimate (WASDE) report released today, U.S. corn production is projected to reach 14.78 billion bushels for 2018/19. If realized, that would make it the second largest U.S. corn crop ever.
The October forecast for corn production is slightly below what some
analysts expected to see in today’s report. Meanwhile, ending stocks for corn came in at 1.8 billion bushels, which was also below average trade estimates. As a result, corn prices increased moderately following release of the report.