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.
Global corn production numbers
Global corn production was raised 5.4 million tons with foreign production increases more than offsetting the U.S. reduction. Production was raised 4 million tons for China to a record 182 million tons.
Global corn ending stocks are projected 5.8 million tons higher for 2011-12 mostly reflecting the larger U.S. beginning stocks. Despite the increase, 2011-12 world corn ending stocks would be the smallest since 2006-07.
Soybean production is forecast at 3.06 billion bushels, down 1 percent from September and down 8 percent from last year. Based on Oct. 1 conditions, yields are expected to average 41.5 bushels per acre, down 0.3 bushel from last month and down 2 bushels from last year. If realized, the average yield will be the second lowest since 2003.
Area for harvest is forecast at 73.7 million acres, down slightly from September and down 4 percent from 2010.
Forecast U.S. soybean exports for 2011-12 were reduced 40 million bushels to 1.375 billion reflecting the slow pace of export sales and strong early season export competition from South America. Soybean ending stocks are projected at 160 million bushels, down 5 million from last month.
Global soybean production is projected at 258.6 million tons, down 400,000 tons mainly due to the lower U.S. crop.
Forecast peanut yields were raised 152 pounds from the previous month. By state, forecast yield was higher for Mississippi, 200 pounds, Florida, 400 pounds, Georgia, 50 pounds, North Carolina, 100 pounds and Virginia, 100 pounds.
Total production is estimated at 3.627 billion pounds, compared to 4.156 billion pounds in 2010.
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.
Global wheat supplies for 2011-12 are projected 5.4 million tons higher with larger beginning stocks in Australia and higher production in Kazakhstan, Australia, EU-27, Canada, and South Africa. Global ending stocks were raised 7.8 million tons this month to 202.4 million. As projected, 2011-12 stocks would be a 10-year high.