New crop Corn Balance

USDA Is scheduled to release the first U.S. corn supply usage balance of the 2020/2021 season in  May. The May first balance estimates of the season are based on the March planting intention survey and the prevailing economic situation in early May.

We have constructed a new crop corn balance based on the USDA February 2020 benchmark corn estimates adjusted for the March area survey and current economic conditions. 

The May new crop carryout projection will likely  appear burdensome. The situation would change this summer if a combination of less than than favorable weather and a rapid economic recovery occurred.  

Table expressed in million bushels/acres. 2020/2021 adjusted by Seasonal Trader.