09 November 2012 17:07 [Source: ICIS news]
HOUSTON (ICIS)--The harvest size of the 2012 US corn and soybean crops has increased slightly from estimates in October, the US Department of Agriculture (USDA) said on Friday.
Estimates for the harvested acreage remain steady at 87.7m acres (35.5m ha) for corn and 75.7m acres for soybeans, but the USDA increased the average corn yield to 122.3 bushels/acre and the soybean yield to 39.3 bushels/acre.
The 0.3 bushel/acre increase to the corn harvest pushes the estimated harvest to 10.725bn bushels while the 1.5 bushel/acre increase in soybean yield suggests a crop of 2.97bn bushels.
The USDA reported in its monthly World Agriculture Supply and Demand Estimates (WASDE) that global ending stocks for corn increased by 700,000 tonnes to 118m tonnes for the 2012-2013 marketing year (1 September - 31 August).
World soybean stocks for 2012-2013 were increased to 60m tonnes, a 2.4m tonne increase from the USDA's October estimate.
The reaction of commodity traders at the Chicago Mercantile Exchange to the USDA data was mixed.
December corn was at $7.44/bushel Friday morning, 3 cents/bushel higher from a day earlier. November soybeans were trading more than 25 cents/bushel lower at $14.74/bushel.
In the US this year, about 5bn bushels of corn will be used in the production of ethanol. Each bushel of corn on average yields 2.8 gal of ethanol.
US soybean oil provides about 50% of the feedstock for the domestic production of biodiesel. One bushel of soybeans yields enough oil to produce 1.5 gallon of biodiesel.
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