The USDA Crop Production Report released Jan. 12 indicates that the total U.S. corn and soybean crop in 2011 will decline from production levels in 2010. The final average yield per acre in 2011 is also expected be lower than the national corn and soybean yields of 2010. Following are some highlights of the latest USDA Crop Report, as well as the latest supply and demand (WADSE) reports.
According to the Jan. 12 report, the total U.S, corn production for 2011 is estimated at just under 12.4 billion bushels, a decline of about 1% from the 2010 total corn production of slightly above 12.4 billion bushels. The total U.S. corn production in other recent years was 13.1 billion bushels in 2009, 12.1 billion bushels in 2008, and 13.0 billion bushels in 2007. The 91.9 million corn acres planted in 2011, compares to 88.2 million acres in 2010, 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 report, total corn stocks in the U.S. on Dec. 1, 2011, were projected at 9.64 billion bushels, which compares to 10.0 billion bushels on Dec. 1, 2010, and 10.9 billion bushels in 2009. The projected corn ending stocks for 2011-2012 are estimated at 846 million bushels, which is below the 2010-2011 estimated ending stocks of 1,128 bu., and less than half of the corn ending stocks of over 1.7 billion bushels for 2009-2010. USDA is projecting that total U.S. corn use for 2011-2012 will be approximately 12.65 billion bushels of corn for livestock feed, ethanol, food products, seed, exports, etc., which is down from slightly over 13 billion bushels in both 2010-2011 and 2009-2010. The current corn stocks-to-use ratio for 2011-2012 is at about 7%, which is still quite low, even though it is slightly higher than 2010-2011 estimates at this time a year ago. USDA is now estimating the U.S on-farm corn price for 2011-2012 in a range of $5.70-6.70/bu., or an average price of $6.20, which is a decrease of 20¢/bu. from December estimates. This compares to an estimated average farm price of $5.18 for 2010-2011 and $3.55 for 2009-2010.