Ending Corn Stocks Headed for Record Levels

Large U.S. ending corn stocks could swell even larger this fall, and not just because of increased yields. A bumper crop combined with diminished demand due to the pandemic could boost new crop ending U.S. stocks to the highest level in 33 years, according to a new survey by Farm Futures.

The report found 2020 corn yield projections to increase 11.5 bushels per acre from 2019 to 178.9. Based on updated acreage estimates from The Department of Agriculture’s June Acreage report, Farm Futures’ 2020 corn yield estimate would raise 2020 corn production to 15.03 billion bushels, 32 million bushels higher than July 2020 World Agriculture Supply and Demand Estimates.

Soybean yield prospects are also more favorable than last year. Growers estimated 2020 yields at 51.0 bushels per acre, up 3.6 from 2019. If realized, that would put 2020 soybean production at 4.233 billion bushels, 98 million bushels higher than July 2020 WASDE projections and 19 percent higher than 2019 production.

Farm Futures surveyed 1,044 respondents on July 14-27 via an email questionnaire.