As a result of tighter supplies, the 2023/24 average price received by U.S. corn farmers is expected to increase from $4.90 per bushel to $4.95.
U.S. feed grain production is forecast at 396.6 million tons for the 2023/24 marketing year, down 1.8 million tons this month on reduced corn and sorghum output. With lower beginning stocks partly offset by a slight bump in imports, the total feed grain supply is projected 4.1 million tons lower this month at 436 million. Fewer supplies result in lower use, ultimately reducing ending stocks by 2.4 million tons to 56.42 million. Reflecting a slight yield decrease to 173 bushels per acre on unchanged harvested acreage, U.S. corn production is 69.5 million bushels lower this month at 15.06 billion.