U.S. corn production for 2016-17 is projected to reach 14.4 billion bushels, up 829 million from the previous year and 214 million over the previous record set in 2014-15, according to Drovers CattleNetwork.
Corn yield is projected at 168.0 bushels per acre. That’s down 0.4 bushels from 2015-16. And corn supplies for 2016-17 are forecast at a record 16.3 billion bushels. Up 886 million from the previous year, that offsets projected declines for sorghum, barley and oats.
U.S. corn use for 2016-17 is projected at a record amount—14.1 billion bushels. Global corn consumption and exports are also projected higher.
The season-average 2016-17 farm price is projected at $3.05 to $3.65 per bushel, down 25 cents at the midpoint from this month’s slightly higher outlook for 2015-16.