LINCOLN COUNTY – Despite record U.S. corn production forecasted, USDA’s September global corn production is lower month over month.

“We reduced it two million tons reflecting downward adjustments in the size of the European Union’s corn crop,” said World Agricultural Outlook Board Chair Mark Jekanowski. “Serbia is down as well and Russia’s we lowered by about 900 thousand tons.”
Jekanowski said the domestic corn supply and demand ledger shows increased exports forecast, with a strong pace at the end of the old crop year and expected strength continuing in the new crop year.

Export forecasts were raised by 100 million bushels putting U.S. corn export forecast just under three billion bushels. The season ending price remains unchanged from the previous month $3.90 a bushel.
U.S. soybean production is up eight million bushels from last month but India is down. That offset lowered the September world bean production forecast by 500 million tons.
While most global supply and demand categories were lowered month over month, several U.S. supply and demand categories are up from August.
“We have biofuel demand in the U.S. so we are going to have to crush more beans,” Jekanowski said. “We raised our U.S. crush forecast by 15 million bushels.”
That raises September ending stock forecasts and pushes the season ending price up a dime to $10 a bushel.
The record world wheat production continues to grow to 816.2 million tons.
“Really all of that increase this month comes from what are generally considered major global exporters, led by Australia,” Jekanowski said.
The global wheat balance sheet reflects increased production through larger numbers in use categories and ending stocks. On the U.S. wheat ledger increased exports are forecasted up 25 million bushels.
“That just reflects a continuing strong pace of U.S. wheat exports and in this case it is all hard red winter wheat,” Jekanowski said.
The season ending price forecast is lowered twenty cents at $5.10 a bushel. Recent cash prices reported by the National Agricultural Statistics Service have dipped below $5 for the first time since October of 2020.