Table of Contents:
- Total U.S, corn production for 2010 is estimated at 12.4 billion bushels
- Total U.S. soybean production in 2010 is expected to be the second highest on record at 3.33 billion bushels
According to the Jan. 12 report, the total U.S, corn production for 2010 is estimated at 12.4 billion bushels, a decline of 5% from the record 2009 total corn production of 13.1 billion bushels. The total U.S. corn production in recent years was 12.1 billion bushels in 2008, 13.0 billion bushels in 2007 and 10.5 billion bushels in 2006. The 88.2 million corn acres planted in 2010 compares to 86.4 million acres in 2009, and was the second highest on record in the U.S. since 1949, trailing only the 93.5 million acres of corn planted in 2007.
According to the USDA report, total corn stocks in the U.S. on Dec. 1, 2010, were projected at 10.0 billion bushels, which compares to 10.9 billion bushels on Dec. 1, 2009, and 10.1 billion bushels in 2008. The projected corn ending stocks for 2010-2011 are estimated at 745 million bushels, which is less than half of the corn carryover of 1.7 billion bushels for 2009-2010. USDA is projecting that total U.S. corn use for 2010-2011 will be approximately 13.4 billion bushels of corn for livestock feed, ethanol, food products, seed, exports, etc., which is why the projected corn ending stocks have declined to very tight level that currently exists. The current corn stocks-to-use ratio is at 5.5%, which is the lowest since 1995-1996. The current estimated 2010-2011 U.S. corn carryover represents only about 20 days of total usage, compared to 50 days of total usage for 2009-2010. USDA is now estimating the U.S on-farm corn price for 2010-2011 in a range of $4.90-5.70/bu., or an average price of $5.30, which is an increase of 10¢/bu. from December estimates.