USDA lowers forecast for US corn crop in 2015/16

The US Department of Agriculture (USDA) has downwardly revised its expectation for the US corn crop in 2015/16, in the latest forecasts, to take account of a lower planted acreage. 
What is more, it envisages the US beginning the new season with lower than previously anticipated stock levels. In conjunction with reduced US production, this will see ending stocks cut by 4 million tons, which will also be reflected in the global market balance. 

The USDA now estimates the deficit at 4 million tons, which is twice as high as before, though it is still far below the 13 million ton deficit predicted by the International Grains Council. Corn prices gained by 1.4% to 435 US cents per bushel on Friday.