09 November 2011 16:48 [Source: ICIS news]
HOUSTON (ICIS)--The US 2011 corn harvest is now estimated at 12.3bn bushels, down 1% from the amount estimated in October, the US Department of Agriculture (USDA) said in its monthly crop production reported released on Wednesday.
USDA estimated that farmers will harvest 83.9m acres (34.1m hectares) of corn this year with an average yield of 146.7 bushels/acre, down 1.4 bushels from the October prediction.
Despite the reduction in the size of the corn crop, corn futures were trading lower on commodity exchanges Wednesday as the USDA also reported that corn ending stocks (corn remaining after energy, feed, food, seed, and industrial use) would be 843m bushels, down from 866m bushels estimated in the prior month.
The dip in ending stocks was less than analysts had anticipated.
In mid-morning trading at the Chicago Mercantile Exchange, December corn futures were trading at $6.54/bushel, down 6 cents/bushel from the prior day's close.
Soybean production was estimated by USDA at 3.05m bushels, down from 0.2% from the October estimate but 9% down from 2010.
Soybean futures were also trading lower on Wednesday because of lower export volume.
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