U.S. corn production took another step down this month compared to September 2022, according to USDA’s latest Crop Production report.

Based on conditions as of Oct. 1, corn yields are now expected to average 171.9 bushels per harvested acre, down 0.6 bushel from the previous forecast and down 4.8 bushels from 2021. Area harvested for grain is forecast at 80.8 million acres, unchanged from the previous forecast. Corn production is down 8% from last year, forecast at 13.9 billion bushels.

USDA’s World Agricultural Supply and Demand Estimates for this month’s 2022/23 U.S. corn outlook is for reduced supplies, greater feed and residual use, lower exports and corn used for ethanol, and smaller ending stocks.

Corn supplies are forecast at 15.322 billion bushels, a decline of 172 million bushels from last month, as lower production and beginning stocks are partially offset by higher imports. Exports are lowered 125 million bushels reflecting smaller supplies and slow early-season demand. Projected feed and residual use is raised 50 million bushels based on indicated disappearance during 2021/22. Corn used for ethanol is lowered 50 million bushels. With supply falling more than use, corn ending stocks for 2022/23 are cut 47 million bushels.