Exports are raised 25 million bushels reflecting larger supplies and expectations of reduced competition from other major exporters. Projected feed and residual use is lowered 50 million bushels based on indicated disappearance during 2020-’21.
The USDA maintained its forecast for 2021-’22 corn use in ethanol at 5.2 billion bushels. Estimated 2021-’21 corn use for ethanol, however, was revised down slightly to 5.032 billion bushels, down from the estimated 5.035 billion bushels included in the September WASDE. Corn use for ethanol was at 4.857 billion bushels in 2019-’20.
Corn ending stocks for 2021- ‘22 are raised 92 million bushels due to expected increases in supply and lower forecasted use. The season-average corn price received by producers is unchanged at $5.45 per bushel.
Foreign corn production is forecast essentially unchanged as increases for the EU, Canada, Venezuela and Serbia are largely offset by declines for Ukraine, Russia and Guatemala. EU corn production is raised reflecting increases for Poland and Romania more than offset declines for France and Bulgaria. Corn production in Canada is higher reflecting favorable yield prospects for Ontario. Projected corn yields for Russia and Ukraine are lowered based on reported harvest results to date.
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