USDA Lowers US Corn Production Forecast For 2009-10
U.S. farmers will be producing less corn for the 2009-10 marketing year than was predicted just a month ago due to lower yield prospects, the U.S. Department of Agriculture said Wednesday.
“Corn production for 2009-10 is projected at 11.9 billion bushels, down 155 million from last month’s projection,” the USDA said in its June edition of the monthly World Agricultural Supply and Demand Estimates report.
The USDA on Wednesday lowered its forecast for the average corn yield to 153.4 bushels per acre, down from the May prediction of 155.4 bushels per acre.
USDA Lowers US 2009-10 Winter Wheat Production Forecast
The U.S. Department of Agriculture on Wednesday lowered its forecast for U.S. winter wheat production to 1.49 billion bushels, pushing total 2009-10 marketing year wheat supplies down to 2.8 billion bushels, a 10-million-bushel drop from last month’s forecast. The new winter wheat forecast is “down less than 1% from the May 1 forecast and 20% below 2008,” the the USDA said in its Crop Production report. “Based on June 1 conditions, the U.S. yield is forecast at 43.9 bushels per acre, down 0.3 bushels from last month and 3.3 bushels less than last year.”
USDA Raises 2008-09 US Soybean Export Forecast On China Sales
U.S. soybean exports to China in the 2008-09 marketing year are stronger than expected, pushing the overall U.S. export forecast by 10 million bushels to a recordlevel of 1.25 billion bushels, the U.S. Department of Agriculture said Wednesday.
Competition from Argentine exports, meanwhile, is weaker than expected, the USDA said in its monthly World Agricultural Supply and Demand Estimates report. “Projected soybean exports for Argentina for 2008-09 are reduced 2 million [metric] tons to 5.4 million, the lowest in nine years,” the USDA said in the report released Wednesday.
It’s not just a lack of competition that’s benefitting U.S. exports, though. China will be buying more soybeans than expected for the 2008-09 marketing year, the USDA said. China’s total 2008-09 imports are now forecast to total 38.8 million tons. That’s up from last month’s forecast of 37.5 million tons.
Source: CME News for Tomorrow