USDA reduces corn forecast as losses in IL offset gains in ND, MN

In Washington, the USDA, in its monthly WASDE report, reduced projected US corn yields to 122.0 bushels per acre, down 0.8 bushels from last month and 25% below spring forecasts. “Lower yields in Illinois are only partly offset by increases for Minnesota and North Dakota,” said the USDA. U.S. corn use for 2012/13 was lowered with a 100-million-bushel reduction in projected exports, and exports were lowered “based on the slow pace of sales to date and strong competition from Brazil.” Corn ending stocks for 2012/13 were projected 114 million bushels lower at 619 million. The season-average farm price for corn was lowered 10 cents on both ends of the range to $7.10 to $8.50 per bushel based on early season cash and futures prices and prices available for forward delivery through early 2013. Global corn production for 2012/13 was lowered 2.0 million tons with reductions for EU-27, Serbia, and the United States, the agency said.