USDA:
Corn Growers Expected to Harvest 11.6 Billion Bushels (10-12-04)
Corn producers
are expected to harvest an enormous crop this fall, as ideal
weather conditions
persisted across much of the Corn Belt
during the growing season. In its latest crop production report,
the U.S. Department of Agriculture (USDA) estimates this year’s
corn crop at a record 11.6 billion bushels.
If realized,
this fall’s crop would be 15 percent larger
than last year’s record crop of 10.11 billion bushels. USDA
also expects a new record corn yield. The agency pegs the national
average yield at 158.4 bushels per acre, an amazing 16.2-bushel-per-acre
jump from last year.
ProExporter
Network analyst Bill Hudson said near-perfect weather conditions
are
responsible for this year’s record-breaking
crop and incredible yields.
“The ‘perfect’ spring and summer is now official,” he
said. “In the case of corn, the yield is above trend by more
than 13 percent, exceeding the previous record in 1994 and becoming
the best percentage gain for the past three decades.”
This year’s record supply is expected to be met with record
demand. USDA’s World Agriculture Supply and Demand Estimates
forecast corn use at 10.9 billion bushels. The livestock industry
is expected to consume 6.05 billion bushels, up from 5.78 billion
bushels last year. Ethanol producers are likely to consume 1.37
billion bushels, or nearly 12 percent of the total crop.
USDA lowered slightly its estimate for corn exports from 2.1 billion
bushels to 2.075 billion bushels. Hudson said a better-than-expected
corn crop in China, the bird flu situation in Thailand and an abundant
world feed wheat supply may be the reasons behind the minimal drop
in exports.
Both Iowa and
Illinois are expected to crest the 2-billion-bushel mark, with
Iowa tallying
a record crop of 2.214 billion bushels
and Illinois producing 2.079 billion bushels. Nebraska’s
crop is forecasted at 1.327 billion bushels, while Minnesota is
expected to harvest 1.069 billion bushels despite poor growing
conditions for much of the summer.