Washington-A new USDA report, World Agricultural Supply and Demand Estimates, issued May 9, projects that the 2008-2009 U.S. corn crop will be down 7 percent to 12.1 billion bushels. This is based on farmer projected plantings. It also projects that U.S. corn use will be down 2 percent as reductions from feed, residual use, and exports will offset continued ethanol expansion. However, it still says that use is expected to exceed production by 635 million bushels, with ending stocks projected to be down 45 percent. At 763 million bushels, ending stocks would be the lowest since 1995-1996. The season average price is projected at $5.00-6.00 per bushel, well above the current year’s forecast record of $4.10-$4.40 per bushel.
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