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, total U.S. soybean production in 2010 is expected to be the second highest on record at 3.33 billion bushels, just below the record production level of 3.36 billion bushels in 2009. The total U.S. soybean production in recent years was 2.97 billion bushels in 2008, 2.58 billion bushels in 2007 and 3.2 billion bushels in 2006. The total harvested soybean acreage in 2010 was a record of 76.6 million acres, up from the previous record of 76.4 million acres in 2009, and compared to 74.7 million acres in 2008.
The USDA report estimated total U.S. soybean stocks on Dec. 1, 2010, at 2.28 billion bushels, which is down 3% from 2.34 billion bushels on Dec. 1, 2009, and is comparable to the soybean stocks of 2.28 billion bushels on Dec. 1, 2008. The projected soybean ending stocks for 2010-2011 are estimated at 140 million bushels, which is down from the carryover levels of 151 million bushels in 2009-2010 and is comparable to the 138 million bushels of soybean ending stocks for 2008-2009. The current soybean stocks-to-use ratio is at the very low level of 4.4%, and the estimated 2010-2011 U.S. soybean carryover represents only about 15 days of total usage, compared to 28 days of total usage for 2009-2010. USDA is now estimating the U.S on-farm soybean price for 2010-2011 in a range of $11.20-12.20/bu., or an average price of $11.70, which is an increase of increase of 25¢/bu. from December estimates.