The U.S. 2014/15 corn yield forecast is raised once again to a new record high of 174.2 bushels per acre, 2.5 bushels higher than last month’s forecast. The higher yield, partly offset by a 0.7-million-acre decline in harvested area, puts the crop at a forecast 14,475 million bushels, 80 million above last month, and the largest ever. A 129-million-bushel increase in supply and a 50-million-bushel increase in use raise the projected carryout to 2,081 million bushels. Both the high and low end of the 2014/15 corn farm price range are projected 10 cents lower for a new midpoint of $3.40 per bushel, which if realized, would be the lowest since 2006/07.
World coarse grain production for 2014/15 is boosted by prospects of a bumper crop for the EU this month. Global coarse grain ending stocks for 2014/15 are projected higher this month and are expected to be the highest in 15 years.
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