The USDA lowered U.S. planted acres by 3 million to 89.8 million. The U.S. average yield estimate was dramatically reduced by 10 bushels per acre from 176 down to 166 per acre. Total U.S. production was lowered from 15.030 billion bushels down to 13.680 billion.
On the flip side, total demand was lowered by 425 million bushels, with feed and residual demand lowered by 300 million and exports lowered by 125 million. Imports were raised by 15 million bushels.
I should also note, the USDA lowered old-crop export demand by 100 million bushels. In total, new-crop ending stocks are trimmed by a whopping 810 million bushels to 1.675 billion, which, if realized, would be the lowest ending stock number since 2013-14. The season-average farm price was raised 50 cents to $3.80 per bushel.
Globally, the USDA adjusted Argentina corn production higher on increased acreage. Canadian corn production was lowered on reductions to both area and yield with planting delays in Ontario. Russian corn production was raised higher based on government data indicating larger-than-expected planted area. Net-net, global corn ending stocks were lowered from 314.17 MMTs last month down to 290.52 MMTs. BULLISH.