WASINGTON — The National Agricultural Statistics Service of the U.S. Department of Agriculture in Crop Production 2009 Summary report issued Jan. 12 raised its 2009 production estimates for corn and soybeans, in the case of corn, to a new record. The estimates surprised the trade, and corn futures prices dropped the 30c-a-bu daily limit with soybean futures plunging around 30c as well (the soybean daily limit is 45c).
The U.S.D.A. estimated the 2009 corn crop at a record 13,151,062,000 bus, up 2% from the November forecast, up 9% from 12,091,648,000 bus in 2008 and up 1% from the previous record of 13,037,875,000 bus harvested in 2007. The trade expected a final production number at around 12,821 million bus.
The US.D.A. estimated the 2009 soybean crop at a record 3,361,028,000 bus, up 1% from the November forecast, up 13% from 2,967,007,000 bus in 2008 and up 4% from the previous record outturn of 3,196,726,000 bus harvested in 2006.