Corn, soybean crops up 1% from November

by Ron Sterk
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WASHINGTON — US 2012 corn production was estimated at 10,780,296,000 bushels, up 1 percent from 10,725,191,000 bushels forecast in November but down 13 percent from 12,359,612,000 bushels in 2011, the US Department of Agriculture said in its annual Crop Production 2012 Summary today. Soybean production was estimated at 3,014,998,000 bushels, also up 1 percent from 2,971,022,000 bushels in November but down 3 percent from 3,093,524,000 bushels in 2011.

Both USDA production numbers were above the average of pre-report trade estimates of 10,626 million bushels for corn and 2,999 million bushels for soybeans.

Old crop corn futures at 11:30 a.m. Central Time were trading higher after this and several other USDA reports, while soy complex futures were lower.

Average corn yield was estimated at 123.4 bushels an acre, up 1.1 bushels from 122.3 bushels an acre in November but down 23.8 bushels from 147.2 bushels an acre as the final 2011 average yield. Harvested area was estimated at 87.4 million acres, down slightly from November and up 4 percent from 84 million acres in 2011.

Soybean yield was estimated at 39.6 bushels an acre, up 0.3 bushel from 39.3 bushels an acre in November but down 2.3 bushels from 41.9 bushels an acre in 2011. Harvested area was estimated at 76.1 million acres, up slightly from November and up 3 percent from 73.8 million acres in 2011.

The USDA yield numbers were above the average trade forecast of 122.4 bushels an acre for corn but equaled the trade’s 39.6 bushels an acre for soybeans.

Grain sorghum production in 2011 was estimated at 246,932,000 bushels, down 4 percent from 256,164,000 bushels in November but up 15 percent from 214,443,000 bushels in 2011, the USDA said. Harvested area of 4.96 million acres was up 26 percent from 2011.

US 2011 rice production was estimated at 199,479,000 cwts, up slightly from 198,548,000 cwts forecast earlier and up 8 percent from 184,941,000 cwts in 2011.

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