The May 11 USDA World Agricultural Supply and Demand Estimate report projects a bountiful corn crop with ideal planting weather. Farmers are expected to plant 88.8 million acres and harvest 81.8 million acres, a projected yield of 163.5 bushels per acre. Projected supply is set at 15,118 100 bushels and the average farm price is anticipated between $3.20 and $3.80 per bushel.
Based on weather and planting conditions, farmers are expected to plant 78.8 million acres of soybeans and harvest 77.1 acres, a projected yield of 42.9 bushels per acre Supply is projected at 3,510,100 bushels and average farm price is anticipated at $9 to $9.50 per bushel.
Another recent USDA report tabulated projections for corn and soybean production and use for the 2009/2010 season. Ethanol production will represent 77% of the “food, seed and industrial” category and 32.7% of projected production.