The US Department of Agriculture came out with their monthly crop report and updated supply and demand forecasts today for the twenty-eleven through twenty-twelve marketing year. In their report, they cut crop projections for corn, soybeans and wheat.
2011 crop projections for corn were lowered to 12.3 billion bushels, down from an October estimate of 12.433 billion and below the average analyst forecast of 12.402 billion. While that would be the 4th largest US corn crop on record, the USDA’s projected yield of 146.7 bushels per acre, down from 148.1 bushes in October, would be the lowest since 2003.
Corn usage changes include a 13 million bushel increase in food, seed and industrial use. Ending stocks dropped to 843 million bushels from 866 million last month.
Soybeans projection estimate is at 3.046 billion bushels, 5 tenths of a percent lower than the October forecast. Based on November first conditions, yields are expected to average 41.3 bushels per acre…down 2 tenths of a bushel from last month.
Soybean usage changes include a 50 million bushel reduction in exports due to the slow pace through October. Ending stocks are pegged at 195 million bushels.
USDA cut its estimate of the 2011 wheat crop, setting it at just under 2 billion bushes from the previous 2.008 billion bushels, after resurveying durum and spring wheat growers.
Wheat supplies and ending stocks for all wheat dropped 9 million bushels.