Corn Balance Sheet

Corn Balance Sheet

The latest U.S. corn balance sheet for the 2023/24 season reveals notable adjustments in various sectors, leading to shifts in ending stocks and price projections.

According to the recent report, there's an increase in corn used for ethanol and feed and residual use, alongside a decrease in ending stocks. Here's a breakdown of the key changes:

1. Corn Used for Ethanol:

Corn used for ethanol is raised by 25 million bushels to 5.4 billion. This adjustment is based on data through February from the Grain Crushings and Co-Products Production report and weekly ethanol production data for March provided by the Energy Information Administration.

2. Feed and Residual Use:

Feed and residual use are increased by 25 million bushels to 5.7 billion. This change is supported by indicated disappearance during the December-February quarter.

3. Ending Stocks:

With no supply changes and increased usage, ending stocks are lowered by 50 million bushels to 2.1 billion bushels.

4. Season-Average Farm Price:

The season-average farm price is adjusted downward by 5 cents to $4.70 per bushel.