February 25, 2008

US corn exports to drop 12.2 percent from 2007-08

US corn exports are expected to drop 12.2 percent from 2007-08 while production is likely to drop 1.5 percent as planted area fall 3.8 percent.

Ending stocks were likely to drop 13.6 percent while yields rise 2.5 percent. 

US 2008-09 corn planted area is estimated at 90 million acres and production is seen at 12.81 billion bushels, according to the USDA, which released its grains and oilseeds outlook Friday at its annual Agricultural Outlook Forum.

Ethanol production would grow to 4.1 billion bushels while exports are seen at 2.15 billion bushels compared to 2.45 billion bushels in 2007-08. Corn for livestock use is pegged at 5.4 billion bushels.

In its Feb. 12 baseline report, the USDA estimated 2008-09 planted area at 88 million acres and harvested acreage at 80.6 million.

Corn use for ethanol production in 2008-09 was estimated at 4.1 billion bushels and exports were seen at 2.150 billion bushels, according to the baseline report. Corn for livestock usage was estimated at 5.450 bilion bushels, and ending stocks were 1.327 billion bushels, according to the baseline projections. The baseline projections were compiled in November 2007.