What is in this article?:
- USDA lowers production estimates for corn, beans
- Global corn production numbers
• Cotton production is forecast at 16.6 million bales, up slightly from last month but down 8 percent from last year.
• If realized, this will be the fourth largest corn production total on record.
• Soybean production is forecast at 3.06 billion bushels, down 1 percent from September and down 8 percent from last year.
• Forecast peanut yields were raised 152 pounds from the previous month.
• Projected U.S. wheat ending stocks for 2011-12 were raised 76 million bushels as lower expected domestic use and exports more than offset reduced production.
USDA projected lower production for corn and soybeans and bearish stock numbers for cotton in its Oct. 12 Crop Production and World Agricultural Supply and Demand Estimates.
Cotton production is forecast at 16.6 million bales, up slightly from last month but down 8 percent from last year. Yield is expected to average 809 pounds per harvested acre, down 3 pounds from last year.
Upland cotton production is forecast at 15.9 million bales, down 10 percent from 2010. American Pima production is forecast at 737,200 bales.
Production was raised 52,000 bales, as increases for several states, especially Georgia, more than offset a decrease in estimated production for Texas.
Domestic mill use is unchanged, but exports are reduced due to lower foreign import demand. Ending stocks are now forecast at 3.9 million bales.
World consumption was reduced nearly 850,000 bales, reflecting current sluggish demand and weaker forecasts for world economic growth. Forecast world ending stocks were raised nearly 3 million bales to a bearish 54.8 million. The world stocks-to-use ratio of 48 percent is marginally above the 5-year average.
U.S. corn production is forecast at 12.4 billion bushels, down 1 percent from September and down slightly from 2010. If realized, this will be the fourth largest production total on record. Based on conditions as of Oct. 1, yields are expected to average 148.1 bushels per acre. If realized, this will be the lowest average yield since 2005.