November 12, 2007

US November corn crop seen slightly down one percent

The US Department of Agriculture (USDA) on November 9 release its monthly crop production report from the World Agricultural Supply and Demand Estimates (WASDE).

The crop production report projection for US corn is seen at 13.2 billion bushels, down 1 percent from last month but 25 percent above 2006. US soy production at 2.59 billion bushels, down slightly from the October forecast and down 19 percent from last year's record high.

The WASDE forecast US wheat ending stocks for 2007/08, 5 million bushels higher than last month at 312 million.

US coarse grains are seen at 13.2 billion bushels, down 150 million on lower yields. Corn feed and residual use was lowered 50 million bushels reflecting the smaller crop and higher expected prices.

The WASDE forecasts for US oilseed ending stocks for 2007/08 are projected at 6.8 million tonnes, down 100,000 from last month. Total US oilseed production is projected at 80.1 million tonnes, up 0.1 million tonnes due to higher cottonseed and peanut output. Soy production is forecast at 2.594 billion bushels, down 4 million bushels based on a lower soy yield of 41.3 bushels per acre. Soy ending stocks are down 5 million to 210 million bushels.

Global oilseed production for 2007/08 is projected at 390.4 million tonnes, down 1.6 million tonnes from last month.