U.S. corn planted area for 2011-12 is lowered 1.5 million acres from March intentions to 90.7 million acres due to planting delays through early June in the eastern Corn Belt and northern Plains.

Forecast harvested area was lowered 1.9 million acres, to 83.2 million with the additional 400,000-acre reduction reflecting early information about May flooding in the lower Ohio and Mississippi River valleys and June flooding along the Missouri River valley. Production is projected at 13.2 billion bushels, down 305 million from last month, but still a record, and up 753 million from 2010-11.

Expected U.S. corn ending stocks are down 205 million bushels to 695 million bushels. Global corn stocks are projected at 111.9 million tons, the lowest since 2006-07.