According to the U.S. Department of Agriculture’s (USDA) World Agricultural Supply and demand Estimate (WASDE) report released today, decreased demand forecasts for U.S. corn from ethanol markets will impact ending stocks, which are projected 45 million bushels higher than the previous month.
Notably, ethanol demand forecasts reflect data showing that corn use during the quarter from September through November fell relative to prior years for the first time since 2012.
The corn price forecast remained at $3.60 per bushel at the midpoint while the range narrowed to between $3.25 and $3.95.
Click here to read the full report.
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