May 13, 2004

USDA Forecast Record US Corn Production For 2004-05

The U.S. Department of Agriculture, in its first forecast for 2004-05, predicted U.S. corn production will be 10.425 billion bushels, a 3% increase from the 2003-04 record of 10.114 billion bushels.
 
Beginning stocks will be low, though, the USDA said in its monthly supply and demand report released Wednesday. The USDA put 2004-05 beginning stocks at just 806 million bushels.
 
"The larger corn crop is mostly offset by smaller projected carryin stocks, leaving total 2004-05 corn supplies marginally above this year's level," the USDA said in the report.
 
Ending corn stocks for 2004-05 will be even smaller than 2003-04, USDA said, and set the forecast at 741 million bushels. That is higher than the 727 million bushels that analysts generally expected, though.
 

Source: USDA