News
14.01.2010
USDA projects record corn, soybean crop
In its World Agricultural Supply and Demand Report issued Jan. 12, the U.S. Department of Agriculture (USDA) projected U.S. corn (maize) production at a record 13.2 billion bushels. This is up from 12.9 billion bushels projected in USDA’s December forecast and 1% above the previous record of 13 billion bushels set in 2007.
The USDA also reported record soybean production of 3.361 billion bushels, an increase of 42 million bushels from last month.
Corn ending stocks are projected at 1.764 billion bushels, up 89 million bushels and the largest since 2005-06. Because of higher usage, stocks as a percentage of use are down year-to-year at 13.5% compared with 13.9% for 2008-09. U.S. corn yield is estimated at a record 165.2 bushels per acre in 2009. This is up 2.3 bushels from the December forecast and 4.9 bushels above the previous record of 160.3 bushels per acre set in 2004.
World corn production increased to 6.3 million tons, mostly reflecting the record U.S. crop. Argentina corn production is up 1 million tons, while production was lowered 500,000 tons for Mexico. Corn exports are projected at 2.1 billion bushels, unchanged from last month and up from the estimated 1.9 billion bushels exported in 2008-09.
Soybean yields are estimated at a record 44 bushels per acre. Soybean ending stocks are projected at 245 million bushels, down 10 million from last month.
The soybean crush is estimated up to 15 million bushels, reflecting increased soybean meal exports. Despite increased crush, soybean oil production is reduced due to a lower extraction rate. Oil stocks are projected at 2.152 billion pounds, down 155 million from the previous month.
Global soybean production is projected to reach a record 253.4 million tons, up 3.1 million. In addition to the record U.S. crop, Brazil is projected to have a record crop of 65 million tons.
