(Posted Thu. Jan 12th, 2012)
Jan 12: In its annual report on crop production released this morning, the U.S. Department of Agricultural slightly increased its previous estimates of corn production and average yield, now reporting a crop of 12.4 billion bushels harvested on 84 million acres, for a yield of 147.2 bushels per acre. This demonstrates the resilience of corn and corn growers despite significant weather challenges throughout the growing season, the National Corn Growers Association said.
“Despite lost acres and a 2011 yield that’s 5.6 bushels below the 2010 average, the corn crop itself is only one percentage point below last year’s number,” NCGA President Garry Niemeyer said. “A lot of people, including the grain market, expected a much different report, and that explains the price drop on corn futures, but we see this as a positive sign and even further reason to expect that we will continue to meet all needs into the foreseeable future.”
In the World Agricultural Supply and Demand Estimates report, also released today, the USDA reported that corn use for the 2011-12 supply is raised with exports projected at 50 million bushels higher, reflecting the strong pace of sales to date and reduced prospects for Argentina. Ending stocks are projected 2 million bushels lower at 846 million bushels.
These reports and others serve as the basis for NCGA’s World of Corn publication, which will be released in time for Commodity Classic.