USDA released its monthly World Agricultural Supply and Demand Estimates report, increasing corn yields dramatically to a record high of 177.3 bushels per acre, up from last month’s estimate of 174.9 bushel per acre. USDA decreased total acreage estimates but still reported the largest ever harvest for 2023 at 15.23 billion bushels. Domestic corn demand for livestock feed and ethanol purposes was increased, while corn exports were unchanged. USDA estimates corn ending stocks at 2.16 billion bushels, which if realized would be the largest carryover since the 2018-2019 growing season.
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