Planting delays in the Delta and eastern Corn Belt are expected to reduce yields for corn and rice, according to USDA’s June 10 Crop Production Report.
Projected U.S. corn production for 2009-10 was lowered 155 million bushels from the previous month to 11.9 billion bushels. The national yield is forecast lower than last month, at 153.4 bushels per acre due to planting delays, especially for the eastern Corn Belt.
However, early planting in the western Corn Belt and improved conditions from this time last year, are expected to partly offset the poor start in other parts of the country.
Corn ending stocks are projected at 1.1 billion bushels, down 55 million from the previous month. World corn ending stocks are projected at 125.5 million tons.
Projected U.S. rice production for 2009-10 dropped 4 million hundredweight from last month to 220 million hundredweight, due to expected lower yields. Forecast average rice yields declined 127 pounds from the previous month, to 6,955 pounds per acre, due to late planting and slow development in the Delta region, which was hit with heavy rains and excessively wet field conditions in May.
According to USDA’s June 10 World Agricultural Supply and Demand Estimates, rice imports are projected at 22 million hundredweight, up 1 million from the previous month. Projected rough rice exports were lowered 2 million hundredweight but that was entirely offset by an increase in the milled- and brown-export forecast.
USDA’s projection of a 13.25 million bale U.S. cotton crop is unchanged from the previous month. Forecast exports were reduced 200,000 bales to 10.8 million bales, due to lower import demand from China. The projected price is 48 cents to 60 cents per pound.
Projected world cotton ending stocks were reduced 1.2 million bales reflecting lower beginning stocks. Consumption and imports were lowered for China as government policies are expected to continue to support prices by channeling demand to government-held stocks. Projected imports were raised for Pakistan.
USDA also raised exports for old crop cotton by 200,000 bales, to 12.7 million bales, due to a recent uptick in sales.
Old crop soybean exports were estimated at a record 1.25 billion bushels reflecting record sales and increased projected imports for China and reduced soybean exports from Argentina.
Projected old crop ending stocks for soybeans were reduced 20 million bushels to 110 million bushels. New crop ending stocks were also reduced 20 million bushels to 210 million bushels.
The U.S. season-average soybean price for 2009-10 is projected at $9 to $11 per bushel, up 55 cents on both ends of the range.
Forecast winter wheat production was lowered 10 million bushels. U. S. wheat ending stocks are projected 10 million bushels higher, however, due to reduced use.
Global wheat production for 2009-10 was lowered by 1.6 million tons due to reductions for Russia, China, Afghanistan, Azerbaijan, Morocco, Syria and Tunisia. Global stocks are projected at 182.6 million tons, a 700,000 ton increase over the previous month.
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