USDA slightly lowers 2009 corn, soybean production estimates

USDA has slightly lowered its 2009 corn and soybean production estimates following resurveys of farmers in a number of states where harvest was delayed.

USDA’s new corn production estimate is 13.131 billion bushels, compared to January’s projection of 13.151 billion bushels with an average yield of 164.9 bushels per acre, compared to 165.2 in the previous report.

Soybeans came out at 3.359 billion bushels, compared to 3.361 billion in January with an average yield of 44.0 bushels per acre, unchanged from January.

The resurvey includes corn in Illinois and Wisconsin and soybeans in South Carolina.

USDA will do another survey of corn in North and South Dakota later in the year.

Selected resurveyed states:

Illinois: Corn: 2.053 billion bushels with an average yield of 174.0 bushels per acre; planted area of 12.000 million acres and harvested area of 11.800 million acres.

South Carolina: Soybeans: 13.843 million bushels with an average yield of 24.5 bushels per acre; planted area of 590,000 acres and harvested area of 565,000 acres.

Wisconsin: Corn: 448.290 million bushels with an average yield of 153.0 bushels per acre; planted area of 3.850 million acres and harvested area of 2.930 million acres.

Alan Brugler discusses USDA’s revisions to production and supply and demand estimates (3 Minutes 15 Seconds MP3)