USDA August crop reports

USDA cuts soybean carryout stocks more than expected. We have the full supply-demand report available.

John Hawkins

Published: Aug 10, 2012

USDA Friday slashed its forecast for corn production this year by about 17% as drought conditions in key growing regions worsened.

Farmers are now expected to produce just 10.779 billion bushels of corn this year, the USDA said in its monthly World Agricultural Supply and Demand Estimates report. That's a sharp drop from the 12.97 billion bushels the agency predicted a month ago and the reduction exceeded expectations from some traders and analysts.

The new forecast puts U.S. corn production at its lowest since 2006, the USDA said.

Corn yields have suffered sharply under the worst drought in decades that now covers more than 60% of the U.S. and nearly all major farming regions.

USDA's new estimate for average corn yield in the U.S. is just 123.4 bushels per acre and that would put it at the lowest level in 17 years. last month the USDA was predicting the average corn yield at 146 bushels per acre.

Illinois crops shrink

USDA estimated Illinois' corn harvest at 1.462 billion bushels. The average yield was pegged at 116 bushels per acre, down from last year's 157 bpa average.

The state's soybean harvest is forecast at 309 million bushels. The yield is down 10 bushels per acre from 2011 at an estimated 37 bushels per acre.

Crop Production

	USDA	Average	Range	USDA Jly	USDA 2011
Corn	10.779	10.971	9.860-11.750	12.970	12.358
Corn Yield	123.4	126.2	117.6-134.0	146.0	147.2
Soybeans	2.692	2.786	2.400-2.925	3.050	3.056
Soy Yield	36.1	37.2	32.0-39.0	40.5	41.5

2011-12 Ending Stocks

	USDA	Average	Range	USDA Jly	USDA 2010-11
Corn	1.021	0.945	0.750-1.183	0.903	1.128
Soybeans	0.145	0.157	0.138-0.200	0.170	0.215

2012-13 Ending Stocks

	USDA	Average	Range	USDA Jly
Corn	0.650	0.651	0.400-0.850	1.183
Soybeans	0.115	0.115	0.095-0.140	0.130
Wheat	0.698	0.681	0.600-0.718	0.664

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