Physical supply tightens
Total corn use fell 150 million bushels to 16.2 billion, with feed and residual use down 150 million bushels to 6 billion and exports unchanged at 3.3 billion. Ending stocks dropped 86 million bushels to 1.6 billion. The season average farm price rose $0.20 to $4.80.[1]
The drop in yield, cut by 2.2 bushels to 178.5 bushels per acre, reflects tighter physical supply. The tight supply is a direct reflection of the shrinking harvested area and lower yield.[1]