WASDE: Corn yields raised to 159.5 bushels per acre
On Wednesday the USDA updated the US and World 2008/09 and 2009/10 balance sheet estimates for major agricultural commodities in the World Agricultural Supply and Demand Estimates (WASDE) report. The USDA raised its yield forecast for the 2009/10 corn crop to 159.5 bushels per acre from 153.4 bushels per acre due to the excellent weather conditions this summer. The 2009 U.S. corn crop is now forecasting a bumper crop of 12.76 billion bushels, the second largest in history.
The USDA raised their estimate for U.S. corn ending stocks for 2009/10 by 71 million bushels to 1.62 billion bushels. The USDA substantially lowered the 2009/10 season-average farm price for corn to $3.10 to $3.90 per bushel from $3.35 to $4.15 per bushel.
The forecast of corn used to make ethanol for 2009/10 by 100 million bushels, to 4.2 billion bushels, roughly one-third of the projected harvest. The large corn production should bode well for ethanol producers and livestock farms. The federal biofuels mandate requires refiners to use 12 billion gallons of ethanol in 2010, up from 10.5 billion in 2009.
U.S. soybean ending stocks for 2009/10 were lowered by 40 million bushels to 210 million due to a decrease in yield per acre of 41.7. The USDA raised soybean prices for the 2009-10 crop to $8.40 to $10.40 per bushel, up 10 cents from last month's forecast.
The USDA raised its forecast of wheat ending stocks for the 2009/10 crop by 37 million bushels to 743 million bushels, which is an 11% increase from last year's estimated ending stocks. The USDA lowered its average farm price range for the 2009/10 crop to $4.70-$5.70 per bushel, from $4.80-$5.80 per bushel.
Click on the link for the full WASDE report: http://www.usda.gov/oce/commodity/wasde/.
- Colvin
The USDA raised their estimate for U.S. corn ending stocks for 2009/10 by 71 million bushels to 1.62 billion bushels. The USDA substantially lowered the 2009/10 season-average farm price for corn to $3.10 to $3.90 per bushel from $3.35 to $4.15 per bushel.
The forecast of corn used to make ethanol for 2009/10 by 100 million bushels, to 4.2 billion bushels, roughly one-third of the projected harvest. The large corn production should bode well for ethanol producers and livestock farms. The federal biofuels mandate requires refiners to use 12 billion gallons of ethanol in 2010, up from 10.5 billion in 2009.
U.S. soybean ending stocks for 2009/10 were lowered by 40 million bushels to 210 million due to a decrease in yield per acre of 41.7. The USDA raised soybean prices for the 2009-10 crop to $8.40 to $10.40 per bushel, up 10 cents from last month's forecast.
The USDA raised its forecast of wheat ending stocks for the 2009/10 crop by 37 million bushels to 743 million bushels, which is an 11% increase from last year's estimated ending stocks. The USDA lowered its average farm price range for the 2009/10 crop to $4.70-$5.70 per bushel, from $4.80-$5.80 per bushel.
Click on the link for the full WASDE report: http://www.usda.gov/oce/commodity/wasde/.
- Colvin
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