U.S. corn, soybean crops up 1% from November

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

Both U.S.D.A. production numbers were above the average of pre-report trade estimates of 10,626 million bus for corn and 2,999 million bus for soybeans.

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

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

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

The U.S.D.A. yield numbers were above the average trade forecast of 122.4 bus an acre for corn but equaled the trade’s 39.6 bus an acre for soybeans.

Grain sorghum production in 2011 was estimated at 246,932,000 bus, down 4% from 256,164,000 bus in November but up 15% from 214,443,000 bus in 2011, the U.S.D.A. said. Harvested area of 4.96 million acres was up 26% from 2011.

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