This morning’s WASDE report put estimates for the current US corn crop at 13.32 million bushels, which is 26% higher than last year. A significant acreage increase combined with favorable weather for corn throughout the eastern and western corn belts, are the primary reasons for this number. Yields are estimated to come in at 154.7 bushels per acre, which would make 2007 the second highest US corn yield on record (2004 yields were 160.4 bu/acre). USDA’s soybean production estimates are now at 2.6 billion bushels, which is about 19% lower than 2006 (which was a record soybean production year). The production number isn’t a surprise, as the increase in planted corn acres cut into soybean acres. Yields are forecast to be 41.4 bu/acre, which is 1.3 bu/acre below last year. Planting delays combined with some heat stress influenced the yield decline. These estimates verify the conditions and crop expectations that Weather Trends International has been discussing for most of the season.

This entry was posted on Friday, October 12th, 2007 at 10:04 am and is filed under Energy, Global Commodities, Sugar. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.