Crop Report: Corn Production High, Not Record Levels
The U.S. corn industry may see strong, but not record setting, production according to U.S. Department of Agriculture reports released Wednesday (May 10).
With increased domestic demand offset by lower export forecasts, corn use is projected to see high, but not record, levels at 14.3 billion total bushels in 2017/18.
USDA is projecting U.S. corn exports to decrease by 350 million bushels next year due to strong competition from Argentinian and Brazilian suppliers.
U.S. corn farmers could produce the third-largest corn crop on record if projections hold. This comes as yield estimates forecast a national average of 170.7 bushels per acre.
The 2017/18 season-average corn price received by farmers is projected to be between $3.00 to $3.80 per bushel, a wider range than normally projected.