USDA
Pegs Record Corn Crop at 11 Billion Bushels (9-10-04)
The U.S. corn crop could reach 11 billion bushels for the first
time in history, according to the U.S. Department of Agriculture’s (USDA) monthly crop
production report released today. Yields are expected to average 149.4 bushels
per acre, a 7.2 bushel increase from last year’s record yield of 142.2
bushels per acre.
National Corn Growers Association CEO Rick Tolman said the
record crop is a tribute to the U.S. corn industry’s ability to supply
grain to a variety of markets.
“The abundance of this year’s crop should lay to rest any concerns
about our ability to supply both traditional markets and new growth markets,” Tolman
said. “There will be ample supply for traditional uses like livestock
and exports, and also for relatively new markets like ethanol and industrial
products.”
This fall’s crop is estimated to be 8 percent larger than last year’s
record crop of 10.113 billion bushels. Based on favorable weather conditions
during most of the growing season, USDA forecasts record high yields in all
Corn Belt states except Minnesota and Wisconsin. Illinois and Iowa each are
expected to produce in excess of 1.9 billion bushels, while Nebraska is expecting
a record crop of 1.24 billion bushels.
Despite excessively cool, wet weather, Minnesota is also expected to top the
1-billion-bushel mark. Brief periods of freezing temperatures in the north
Corn Belt and northern Great Plains slowed crop development slightly, but the
impact on the overall crop should be minimal.
Based on expectations of a larger crop, USDA also raised its
ending stocks estimate from 1.132 billion bushels to 1.209 billion bushels.
To view USDA’s
latest crop production report, click here.