USDA projects record corn production this season, and an 18 million bale cotton crop.
In its May 11 Crop Production and World Agricultural Supply and Demand Estimates, USDA also projects an 18 million bale U.S. cotton crop.
U.S. corn production is projected at a record 13.5 billion bushels, up 1.1 billion from 2010-11 due to a 4-million-acre increase in intended plantings. Corn yield is projected at 158.7 bushels per acre.
Corn use for ethanol is projected 50 million bushels higher, while domestic corn feed and residual use is projected 50 million bushels lower than 2010-11 reflecting increased availability of feed by-products from ethanol production and lower expected residual use.
U.S. corn exports for 2011-12 are projected 100 million bushels lower than last year, while U.S. corn ending stocks for 2011-12 are projected 900 million bushels higher.
Global corn production forecasts were raised 52.4-million-tons to 867.7 million tons. Global corn exports are projected higher for 2011-12 with increases for Argentina, Russia, and Ukraine. Global corn consumption is projected at a record 860.8 million tons, up 22.2 million from 2010-11. World corn ending stocks for 2011-12 are projected at 129.1 million tons, up 7 million from 2010-11.
The U.S. cotton crop is projected at 18 million bales. Domestic mill use is projected at 3.8 million bales, the same as 2010-11, while exports were reduced due to lower U.S. supplies and increased foreign production. Ending stocks are projected at 2.5 million bales, 43 percent above 2010-11, but still the second-lowest level since 1990-91.
World ending stocks
World ending stocks are projected to rise to nearly 48 million bales, a 13-percent increase last year. The stocks-to-use ratio of 40 percent remains relatively tight.
World consumption was reduced, due mainly to reductions for India and Pakistan. China’s imports were lowered 1.5 million bales due to a recent fall-off in demand. World ending stocks were raised nearly 1 million bales.
Soybean production is projected at 3.285 billion bushels, down 44 million from last year due mostly to lower harvested area. Soybean yields are projected at 43.4 bushels per acre, down slightly from 2010. Soybean ending stocks are projected at 160 million bushels, down 10 million from 2010-11, leaving the stocks-to-use ratio at 4.8 percent.
Soybean oil used for biodiesel production is projected at 3.5 billion pounds, up 1 billion from 2010-11 reflecting a higher biodiesel use mandate.
All-wheat production is projected at 2.043 billion bushels, down 7 percent from 2010-11. Winter wheat production is down 4 percent, due to lower expected harvested area and yields in Colorado, Kansas, Oklahoma, and Texas.
U.S. wheat supplies for 2011-12 are projected at 3 billion bushels, down 9 percent from 2010-11. Total U.S. wheat use for 2011-12 is projected down 7 percent.
U.S. wheat exports are projected at 1.050 billion bushels, down 225 million from the 2010-11 projection. U.S. ending stocks are projected at 702 million bushels, down 137 million from 2010-11 and 274 million below 2009-10.
Global wheat supplies for 2011-12 are projected 1 percent higher. Global wheat trade is expected higher in 2011-12. Global wheat consumption is projected 8.4 million tons higher. Global ending stocks for 2011-12 are projected slightly lower on the year at 181.3 million tons.