January 7, 2005

US Corn, Soybean Output Estimated Down

USDA's January 12 crop production report is expected to show a decrease in both corn and soybean output compared with its November estimates, according to projections by private analyst firm Allendale Inc.

The McHenry, Illinois firm said it expects corn production to be cut to 11.708 billion bushels from 11.741 billion bushels in November. It projects soybean production at 3.140 billion bushels, down 10 million bushels from 3.150 billion bushels in USDA's November report.

Allendale also said it projects a decrease in ending corn stocks, at 1.821 billion bushels, down from 1.843 billion bushels in November. Soybean ending stocks are projected at 492 million bushels, up from USDA's November estimate of 460 million bushels.