09 November 2010 15:19 [Source: ICIS news]
HOUSTON (ICIS)--For the second time since September, the US Department of Agriculture (USDA) trimmed the estimated size of the 2010 corn crop as well as lopped a few bushels off the projected soybean crop, according to data from the National Agricultural Statistics Service released on Tuesday.
USDA now estimated corn yields at 154.3 bushels/acre, with the crop expected to total 12.54bn bushels.
Corn ending stocks are now forecast at 827m bushels, down from 902 m bushels in the October report.
USDA cut its forecasts for soybean production to 3.375bn bushels, down from 3.408bn bushels in October, with yields of 43.9 bushels/acre, down from 44.4 bushels/acre a month ago.
Soybean ending stocks are now forecast at 185m bushels, down from 265m bushels forecast last month.
Strong demand for corn used for ethanol production and export demand for soybeans resulted in cuts to the estimates for ending stocks.
Soybean production is down 1% from October but still would be a record high.
USDA lowered its estimates for world wheat and corn ending stocks and left soybean ending stocks mostly unchanged.
World corn production was cut by 1.1m tonnes, with the smaller US crop offset by an increase in Chinese production of 2m tonnes to 168m tonnes.
Wheat world ending stocks are seen falling by 2.2m tonnes, with the largest cuts 3.4m tonnes in China and 1m tonnes in Russia.
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