ApprovedbyUSDA’sWorldAgriculturalOutlookBoardFeedOutlookTomCapehartOlgaLiefertDavidOlsonLowerCornforEthanolReduces2019/20Use2019/20cornproductionisprojecteddown45.4millionbushelsonreductionstoharvestedareaandestimatedyield.Diminishedsupplyislargelyoffsetbya50-million-busheldecreaseincornforethanolthismonth,foramarketyeartotalof4,900millionbushels.The50-million-busheldecreaseincornfood,seed,andindustrialuseleaves2019/20projecteddisappearanceat13,780millionbushels.Carryinfor2020/21israised4.6millionbushels.Therewereafewotherminorchangestothefeedgrainsbalancesheetsandpricesaresteadyfromlastmonth.Globally,withhigherprojectedusemorethanoffsettingthemarginalincreaseinsupplies,2020/21coarsegrainendingstocksareprojecteddownthismonth.Corntradefor2019/20involvestwooffsettingchanges,withhigherArgentineandlowerBrazilianexports.China’spunitivetariffsaffectthebarleymarket,reducingAustralianexportsandleavingAustraliawithhigherbarleysuppliesinthefaceofbettercropprospects.EconomicResearchService|SituationandOutlookReportNextreleaseisJuly14,2020FDS-20f|June15,2020Inthisreport:DomesticOutlookInternationalOutlookDomesticOutlookCornPlantingContinuesatBriskPaceThe2020/21cropwas97percentplanted,basedonsurveysreleasedintheNationalAgriculturalStatisticsService(NASS)CropProgressreportfortheweekofJune7.Thiscomparesfavorablywithlastyearatthistime,whenplantingsreachedonly78percentduetoexcessivemoistureandishigherthanthe5-yearaverageof94percent.Dry,mildweatherconditionsinMinnesotaenabledplantingstobecompleted,whileNorthCarolinaandIowaplanted99percentoftheircrops.Illinois,SouthDakota,andTexascropswere98percentplanted.NorthDakotawastheonlymajorcornproducingStatewithlessthan90percentintheground.Emergencefollowedthesamepattern—withNorthCarolina,Iowa,Minnesota,andTexasleading.Plantedareafor2020/21isprojectedunchangedfromlastmonthat97.0millionacres,which,ifrealized,wouldproducearecord-highcorncropof15,995millionbushelsattheprojectedweather-adjustedtrendyieldof178.5bushelsperacre.Thisassumesnorma...
