Although U.S. corn supplies for 2023/24 are unchanged this month, domestic use is projected 10 million bushels lower. This reduction can be attributed to lower food, seed, and industrial (FSI) corn use—based on indicated glucose and dextrose usage to date—bringing the 2023/24 corn FSI forecast down to 6.78 billion bushels.
Because there are no other changes to U.S. corn use, ending stocks are raised to 2.17 billion bushels. The season-average price received by corn farmers is unchanged at $4.80 per bushel.
