Another tight corn supply crop year in 2022/23 – 04/08/2022

US corn supplies will be tight again next crop year unless 1) high prices draw out more acres  than indicated in the March survey, 2) the national average corn yield is well above that  projected by USDA or 3) bigger foreign crops cut corn export demand for US corn.

Higher fertilizer/fuel costs are an impediment to inducing Midwest farmers to increase area planted to corn. A reduction in US corn sales to China would likely be the major bearish demand force to impact the new crop corn market.

We have constructed the accompanying  US corn supply/usage table using the USDA’s most recent old and new crop data and projections.