As expected, the U.S. Department of Agriculture (USDA) in it first estimate of the size of this year’s corn crop, is projecting the crop to be a bin-buster – an all-time record 13.4 billion bushels.

Today’s report suggests:

  • Corn supplies are projected at a record 15.1 billion bushels, 325 million higher than 2009/10. This would be the first time corn supplies have ever surpassed the 15-billion-bushel mark.
  • Corn production for 2010/11 is projected at a record 13.4 billion bushels, an increase of 260 million bushels from 2009/10.
  • USDA predicts 88.8 million acres of corn to be planted, a slight increase from 2009, but below corn acreages planted in the past.
  • Corn yield projections are 163.4 bushels per acre, up slightly from 2009, but below corn acreage yields of some past years.
  • Year-end surpluses for 2010/11 are expected to be 1.8 billion bushels, an increase over last year.
  • Corn use for ethanol in the 2010/11 marketing year (Sept. 1-Aug. 31) is estimated to be 4.6 billion bushels. This converts to 12.85 billion gallons of ethanol and about 38 million tons of livestock feed products, including distiller’s dried grains with solubles.