The U.S. Department of Agriculture dropped its latest World Agricultural Supply Demand Estimate report on Friday, calling for record U.S. corn production in 2023-2024. The corn outlook also calls for more corn to be used for ethanol, increased feed and residual use, and higher ending stocks.

Corn production is estimated at a record 15.3 billion bushels, up 108 million as an increase in yield to a record 177.3 bushels per acre is partly offset by a 0.6-million acre decline in harvested area. Total corn use is raised 75 million bushels to 14.6 billion. Corn used for ethanol is raised 50 million bushels to 5.4 billion. Feed and residual use is raised 25 million bushels to 5.7 billion, based on indicated disappearance during the September-November quarter as reflected by the Grain Stocks report, and historical revisions to production and stocks from 2018 to 2022 following the recent Agricultural Census results. With supply rising more than use, 2023/24 corn stocks are up 31 million bushels. The season-average corn price received by producers is lowered 5 cents to $4.80 per bushel.

Additionally, U.S. oilseed production for 2023/24 is estimated at 122.4 million tons, up 0.9 million from last month. Soybean production is estimated at 4.2 billion bushels, up 35 million, led by increases for Illinois, Missouri, and North Dakota. With slightly lower beginning stocks, soybean supplies are up 31 million bushels from last month. The soybean oil balance sheet adjustments include increased imports and biofuel use, and lower exports and food, feed, and other industrial use. Lower food, feed, and other industrial use is partly offset by
higher imports and consumption of canola oil.