USDA lowers corn carryover forecast

by Ron Sterk
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USDA WASDE
 
WASHINGTON, D.C., U.S. — In its Feb. 9 World Agricultural Supply and Demand Estimates report, the U.S. Department of Agriculture projected carryover of corn on Sept. 1, 2017, at 2.320 billion bushels, down 35 million bushels from its January forecast but up 583,000 million bushels, or 34%, from 1.737 billion bushels last year. Total supply was unchanged from January at 16.940 billion bushels. Total use was raised 35 million bushels from January based on a 25-million-bushel increase in corn used for ethanol at 5.350 billion bus in 2016-17 and a 10-million-bushel increase in non-ethanol food, seed and industrial use at 1.445 billion bushels. All soybean and soybean meal projections for 2016-17 were unchanged from January. Soybean oil carryover on Oct. 1, 2017, was raised 25 million lbs to 1.677 billion lbs due to a like increase in imports forecast at 300 million lbs.
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