U.S. farmers produced record corn and soybean crops in 2009, despite less than ideal environmental conditions during the growing season.
According to USDA’s Jan. 12 Crop Production Report, soybean yield and exports are also projected as records.
U.S. soybean production is estimated at a record 3.361 billion bushels, up 42 million bushels from the previous month based on higher yields. Soybean yield is estimated at a record 44 bushels per acre. Soybean exports were raised 35 million bushels to a record 1.375 billion led by strong sales and shipments to China and several other markets including Taiwan, Thailand, Egypt, and Canada.
According to USDA’s Jan. 12 World Agricultural Supply and Demand Estimates, U.S. export sales have benefitted from tight competitor supplies resulting from last year’s drought-reduced South American crop. Soybean ending stocks are projected at 245 million bushels, down 10 million from last month.
Global soybean production is projected at a record 253.4 million tons, up 3.1 million. Brazil’s soybean crop is projected at a record 65 million tons, up 2 million, due to higher area.
U.S. corn production is estimated at a record 13.2 billion bushels, up 230 million bushels from last month on higher area and yields. Corn feed and residual use is projected 150 million bushels higher, but was partly offset by a 10-million-bushel reduction in food, seed, and industrial use. Corn ending stocks are projected at 1.764 billion bushels, the largest since 2005-06.
Sorghum ending stocks for 2009-10 are projected 9 million bushels higher this month with higher estimated production more than offsetting an increase in projected feed and residual use. Production was raised 19 million bushels with higher estimated yields.
World corn production was raised 6.3 million tons mostly reflecting the record U.S. crop. Argentina corn production was raised 1 million tons as widespread rainfall encouraged producers to extend the planting season and abundant soil moisture raised prospects for yields.
Global corn ending stocks were projected 3.9 million tons higher with more than half of the increase from rising U.S. stocks. Corn ending stocks were also raised for Brazil, Argentina, EU-27, Mexico, and India.
The U.S. 2009-10 rice crop was estimated at 219.85 million hundredweight, up 1.6 million or 1 percent from the previous estimate. Average yield is estimated at 7,085 pounds per acre, up 47 pounds per acre from last month, and 239 pounds per acre above the previous year. Combined medium- and short-grain production was increased 1.4 million hundredweight to a record 67.1 million and long-grain production was adjusted 200,000 hundredweight higher to 152.7 million.
Global rice exports for 2009-10 were raised 400,000 tons largely on an expected increase for Pakistan. Exports were raised for the United States, but lowered for Brazil. World ending stocks are projected at 90.7 million tons, up 1.2 million from last month, but down 1.75 million from 2008-09.
U.S. cotton production was lowered by 191,000 bales, as reductions in the Southeast, Delta, and Southwest states were partially offset by increases in the far West. Ending stocks were reduced to 4.3 million bales, or 30 percent of total use.
World consumption was lowered marginally due to reductions for Japan and Russia. World ending stocks were forecast at 51.7 million bales. World stocks outside of China of 34.2 million bales are forecast at their lowest since 2003-04.
U.S. wheat ending stocks for 2009-10 are projected 76 million bushels higher this month with lower expected domestic use and exports. Exports are projected 50 million bushels lower reflecting the slow pace of shipments and sales and strong foreign competition as relatively high prices limit opportunities for U.S. wheat.
Global wheat supplies for 2009-10 are projected 2.5 million tons higher mostly reflecting an increase in reported output by Russia, Brazil and Argentina.
Global wheat exports for 2009-10 were lowered 1.5 million tons mostly reflecting the reduction in projected U.S. shipments. Imports are raised for Afghanistan, Egypt, China, and Kenya, but lowered for EU-27 and Mexico.
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