U.S. corn, soybean crops up from October

by Ron Sterk
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WASHINGTON — U.S. 2012 corn production was forecast at 10,725,191,000 bus, up 19,462,000 bus from 10,705,729,000 bus forecast in October but down 13% from 12,358,412,000 bus in 2011, the U.S. Department of Agriculture said in its Nov. 9 Crop Production report. Soybean production was forecast at 2,971,022,000 bus, up 110,732,000 bus, or 4%, from 2,860,290,000 bus forecast in October but down 4% from 3,093,524,000 bus last year.

If realized, corn production would be the lowest since 10,531,123,000 bus in 2006, the U.S.D.A. said. Soybean production would be the lowest since 2,967,007,000 bus in 2008.

The U.S.D.A. corn number was above the average pre-report trade estimate of 10,629 million bus. The soybean number also was above the pre-report average of about 2,891 million bus.

Soybean futures traded sharply lower immediately after the report at 7:30 a.m. Central time while corn futures were moderately lower.

Based on Nov. 1 conditions, corn yield was forecast at 122.3 bus an acre, up 0.3 bus from 122 bus forecast in October, down 24.9 bus from 147.2 bus an acre in 2011 and the lowest since 113.5 bus an acre in 1995, the U.S.D.A. said. Harvested area was forecast at 87,721,000 acres, unchanged from October and up 4% from 83,981,000 acres in 2011.

Soybean yield was forecast at 39.3 bus an acre, up 1.5 bus from 37.8 bus forecast in October but down 2.6 bus from 41.9 bus an acre in 2011 and the lowest since 33.9 bus an acre in 2003. Harvested area was forecast at 75,693,000 acres, unchanged from October and up 3% from 73,776,000 acres in 2011.

Grain sorghum production in 2012 was forecast at 256,164,000 bus, up 4,187,000 bus, or 2%, from 251,977,000 bus forecast in October and up 19% from 214,443,000 bus in 2011.

The U.S.D.A. estimated 2012 U.S. rice production at 198,548,000 cwts, down 312,000 cwts from 198,860,000 cwts forecast in October but up 7% from 185,009,000 cwts in 2011.

Peanut production in 2012 was forecast at a record 6,468.65 million lbs, up 360.5 million lbs, or 6%, from 6,108.15 million lbs in October and up 77%, from 3,658.6 million lbs in 2011.

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