Corn production for 2009-2010 is projected at 11.9 billion bushels, down 155 million from last month’s projection. The national average yield is projected at 153.4 bu./acre, 2 bu. lower as continued planting delays through late May reduce yield prospects, especially for the eastern Corn Belt. Early planting in the western Corn Belt and improved crop conditions from last year at this time are expected to partly offset the poor start to this year’s crop in other parts of the country. Corn supplies are projected at 13.6 million bushels, down 190 million bushels from 2008-2009. The 2009-2010 marketing-year average farm price is projected at $3.90-4.70/bu., up 20¢ on both ends of the range. This compares with $4.10-4.30/bu. for 2008-2009.
Soybean exports for 2008-2009 are raised to a record 1.25 billion bushels reflecting record sales and increased projected imports for China and reduced soybean exports from Argentina. Projected soybean exports for Argentina for 2008-2009 are reduced 2 million tons to 5.4 million, the lowest in nine years. Soybean ending stocks for 2008-2009 are projected at 110 million bushels, down 20 million from last month. Ending stocks for 2009-2010 are also reduced 20 million bushels to 210 million. The U.S. season-average soybean price for 2009-2010 is projected at $9-11/bu., up 55¢ on both ends of the range.