USDA predicts ‘record’ national corn yield for 2021-2022

The United States Department of Agriculture released its latest November Crop Production and World Ag Supply and Demand Estimates, where it predicts record-high numbers of national corn production for 2021-2022.

The forecast estimates greater production, increased corn use for ethanol and marginally lower ending stocks. Forecast at 15.06 billion bushels of corn, the new total is an increase of 43 million bushels from the October figure. The current forecast would result in a record national corn yield of 177 bushels per acre, and projected total corn use is raised to 50 million bushels to 14.8 billion bushels due to an increased trend in ethanol production. The projected season average farm price for corn remains at $5.45 per bushel.

Also unchanged is the U.S. corn export forecast, where it remains at about a 33% share of global corn trade and 5.6 million tons lower than a year ago. Under normal weather conditions, all major U.S. corn export competitors have the potential for bumper harvests and high exports later in the year.