Planting delays in the eastern Corn Belt are expected to reduce corn yields this fall, 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 bu./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 bushels from the previous month. World corn ending stocks are projected at 125.5 million tons.
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/bu., up 55¢ 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.