USDA’s expected to lower its 2012 U.S. corn, soybean, and wheat production estimates Friday because widespread drought.
On average, via Dow Jones Newswires, analysts see this year’s corn crop at 10.971 billion bushels, down almost 2 billion from the July guess. The average yield is estimated at 126.2 bushels per acre, which would be a nearly 20 bushel per acre cut from last month.
Soybeans are projected at 2.786 billion bushels, 264 million lower than a month ago. The average yield on beans is seen at 37.2 bushels per acre, a decline of 3.3 bushels on the month.
The total U.S. wheat crop is estimated at 2.22 billion bushels, 4 million less than last month with the winter crop down 5 million at 1.665 billion bushels.
Also via Dow Jones Newswires, old crop corn ending stocks are pegged at 945 million bushels, up more than 40 million from last month but down 183 million from this time last year. New crop is estimated at 651 million bushels, 532 million below July’s guess on a drop in production.
Old crop soybeans are seen at 157 million bushels, 13 million lower than a month ago and down 58 million from a year ago. Also due to crop weather problems, new crop bean stocks could see a 15 million bushel month to month decline with the average guess at 115 million bushels.
The 2012/13 marketing year for corn and soybeans starts September 1.
Wheat ending stocks for the current marketing year are estimated at 681 million bushels, which would be up 17 million from July.
The reports are out Friday at 7:30 AM Central.