USDA Cuts Corn Production Forecast Due to Lower Yields

The U.S. Department of Agriculture has released its September supply and demand estimates for corn, providing an updated outlook on the nation's corn production.

In a report, World Agricultural Outlook Board Chair Mark Jackanowski discussed the latest changes to the domestic corn balance sheet, citing a reduction in yield by 2.2 bushels per acre, resulting in a decrease of 213 million bushels in U.S. production forecast.

This reduction primarily comes from feed and residual usage, as well as ending stocks, with no change to export forecasts for the new crop year at 3.275 billion bushels, slightly lower than last year but still strong.