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USDA crop reports considered bullish

USDA lowered corn production/yield, while increasing the size and yield of the soybean harvest. Corn and soybean futures are trading sharply higher this morning.
John Hawkins 
Published: Oct 11, 2012
Here are the numbers for Thursday's USDA Crop Production report.  Production in billion bushels; yield in bushels per acre:

  USDA Oct 1  Average  Range USDA Sep 1  USDA 2011 
 Corn  10.706   10.598  9.954-11.194   10.727  12.358
 Yield 122.0   122.7  119.9-127.0  122.8  147.2
 Soybeans 2.860    2.770  2.600-2.903  2.634  3.056
 Yield  37.8    37.0  35.5-38.5  35.3  41.5

Here are the numbers for Thursday's Supply-Demand update.  Carryout stocks in billion bushels.

  USDA Oct 1   Average  Range  USDA Sep 1   2011-12 USDA 
Corn    0.619  0.645  0.454-0.815   0.733  0.988
Soybeans   0.130  0.134  0.095-0.203  0.115  0.169
Wheat   0.654  0.627  0.550-0.714  0.698  0.743

Illinois' corn crop was sharply reduced to 1.215 billion bushels, as USDA cut the state's average corn yield by 12 bushels per acre from September to 98.  USDA raised the state's soybean yield by 2 bushels from September to 39.0 bushels per acre.  The Illinois soybean harvest is now estimated at 343.2 million bushels.

Editor's note: RFD Radio's Alan Jarand and AgriVisor's Dale Durchholz spoke with USDA''s Joe Prusacki about putting together a crop report and their level of accuracy

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