12 June 2012 19:46 [Source: ICIS news]
HOUSTON (ICIS)--US corn futures prices dipped on commodity exchanges after the US Department of Agriculture (USDA) on Tuesday left estimates of corn supply and usage virtually unchanged from a month earlier.
In its monthly World Agriculture Supply and Demand Estimates report, USDA projected corn production for the 2012 crop at 14.79bn bushels, the same amount projected in its May report.
Corn used to produce ethanol was projected at 5bn bushels, the same as projected a month ago. Each bushel of corn on average yields 2.8 gal (10.6 litres) of ethanol.
Weekly ethanol production has increased since mid-April after gradually declining from record levels in late December, the USDA said.
The USDA increased its estimate for world corn production for 2012-2013 by 4.2m tons (3.8m tonnes) noting increases in China, Europe and the former Soviet Union (FSU).
Corn production in China was increased 2m tons because of higher planted area.
Brazil corn production was estimated higher because of a rapid expansion in planting area and ideal weather anticipated for the second planting season.
US growers this year have planted an estimated 95.9m acres (38.8m ha) of corn and 73.9m acres of soybeans.
The US is expected to export 1.335bn bushels of soybeans during the 2011-2012 marketing year (1 September-31 August), reflecting increased global import demand, the USDA said.
Soybeans, along with corn and other crops, require adequate levels of potassium and phosphorus as provided by potash and phosphate fertilizers.
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