Corn News | Corn Production and Ending Stocks Projections Lowered by Analysts

Corn News

Ahead of the soon to be released USDA supply and demand report, McHenry, Illinois based analysts Allendale Inc. expect the Ag Department to lower its production and new crop ending stocks estimates for corn.

Allendale sees 2009/10 corn stocks at 1.015 billion bushels and production at 11.935 billion bushels because of delayed planting. Allendale also sees the USDA cutting the average yield estimate by 2 bushels per acre. In May, the USDA put corn production at 12.090 billion bushels and new crop stocks at 1.145 billion bushels. Allendale pegs old crop corn ending stocks at 1.610 billion bushels, up 10 million from May.

Allendale expects USDA to leave the soybean production guess unchanged from May at 3.195 billion bushels, but sees old crop stocks at 99 million bushels due to strong demand; the USDA's May 2008/09 ending stocks estimate was 130 million bushels. Also, Allendale sees 2009/10 soybean stocks at 243 million bushels, compared to 230 million in May's update.

2009 U.S. wheat production is projected at 1.993 billion bushels, compared to May's estimate of 2.026 billion. Winter wheat is placed at 1.492 billion bushels, with hard red at 864 million, soft red at 417 million and white winter at 211 million. In May, the USDA had wheat production at a total of 2.026 billion bushels, with the winter crop at 1.502 billion, hard red at 871 million, soft red at 422 million and white at 208 million.

The USDA will also be issuing updated world supply and demand figures. The reports are due out Wednesday, June 10 at 7:30 AM Central.

Corn News