USDA released several reports today, including the 2010 crop production summary. Corn production was down 5% from last year, while soybeans dropped only 1% from last year. Stocks are also down. Corn stocks are down 8%, with a total storage of 10 billion bushels. There are 2.28 billion bushels of stored soybeans, down 3% from 2009.
The WASDE report was also released, and included a 10¢ raise on both ends of the corn price range to $4.90-5.70/bu. season-average soybean price range is projected at $11.20-12.20, up 50¢ on the lower end of the range.
2010 Crop Production Summary
Corn for grain production is estimated at 12.4 billion bushels, down 1% from the Nov. 1 forecast and 5% below the record-high production of 13.1 billion bushels set in 2009. U.S. grain yield for 2010 is estimated at 152.8 bu./acre. This is down 1.5 bu. from the November forecast and 11.9 bu. below the record high yield of 164.7 bu. set in 2009. Area harvested for grain is estimated at 81.4 million acres, up slightly from the November forecast and up 2% from 2009.
Soybean production in 2010 totaled 3.33 billion bushels, down 1% from the Nov. 1 forecast and down 1% from 2009. U.S. production is the second largest on record. The average yield per acre is estimated at 43.5 bu., 0.4 bu. below the Nov. 1 forecast and 0.5 bu. below last year's record high yield. Harvested area is up slightly from 2009 to a record high 76.6 million acres.