Corn production for 2012 was forecast at 10.725 billion bushels, up 19,462,000 billion bushels from 10.705 billion bushels forecast in October but down 13 percent from 12.358 billion bushels in 2011, according to USDA/National Agricultural Statistics Service’s crop report today. If realized, corn production would be the lowest since 10.531 billion bushels in 2006. USDA’s corn crop was above the average pre-report trade estimate of 10.629 billion bushels.
Soybean production was forecast at 2.971 billion bushels, up 110,732,000 bushels, or 4 percent, from 2.860 billion bushels forecast in October but down 4 percent from 3.093 billion bushels last year. Soybean production would be the lowest since 2.967 billion bushels in 2008. The soybean crop estimate was also above the pre-report average of about 2.891 billion bushels.
Based on November 1 conditions, corn yield was forecast at 122.3 bushels per acre, up 0.3 bushels from 122.0 bushels forecast in October, down 24.9 bushels from 147.2 bushels an acre in 2011 and the lowest since 113.5 bushels an acre in 1995. Harvested corn area was forecast at 87,721,000 acres, unchanged from October and up 4 percent from 83,981,000 acres in 2011.
Soybean yield was forecast at 39.3 bushels an acre, up 1.5 bushels from 37.8 bushels forecast in October but down 2.6 bushels from 41.9 bushels an acre in 2011 and the lowest since 33.9 bushels an acre in 2003. Harvested area was forecast at 75,693,000 acres, unchanged from October and up 3 percent from 73,776,000 acres in 2011.
