The USDA World Agriculture Supply and Demand Estimate Report for July 9 projects a reduction in the corn crop, a proportional escalation in price from the May estimate and an average farm price at $3.45 to $4.05/bushel.

Corn

Area Planted

87.9 million acres

Area to be Harvested

81.0 million acres

Projected Yield

163.5 bushels/acre

Corn Supply & Usage

Millions of Bushels

Percentage of Supply

Beginning stocks

1,478

11.1%

Production

13,245

88.8%

Imports

10

0.1%

Total Projected Supply

15,118

100.0%

Feed & Residual Use

5,350

36.3%

Food, Seed & Industrial

1,360

9.2%

Ethanol Production

4,700

31.9%

Domestic Use

11,300

77.4%

Exports

1,950

13.2%

Total Use

13,360

90.7%

Ending stocks

1,373

9.3%

The USDA WASDE projection for the 2010-2011 soybean crop is shown in the table below. Acreage to be harvested and yield are based on July projections taking into account weather and acreage planted, and the estimated average farm price falls at $9.10 to $9.60/bushel.

Soybeans

Area Planted

78.9 million acres

Area to be Harvested

78.0 million acres

Projected Yield

42.9 bushels/acre

Soybeans Supply & Usage

Millions of Bushels

Percentage of Supply

Beginning Stocks

175

5.0%

Production

3,345

94.9%

Imports

10

0.1%

Total Projected Supply

3,530

100.0%

Crushing

1,645

46.6%

Exports

1,370

38.8%

Seed & Residual

155

4.4%

Total Use

3,170

89.8%

Ending Stocks

360

10.2%

Soybean Meal Supply & Usage

Million Shoot Tons

Percentage of Supply

Beginning Stocks

0.30

0.1%

Production

39.13

98.8%

Imports

0.17

0.1%

Total Projected Supply

39.39

100.0%

Domestic Use 

30.40             

76.8%

Exports

8.90

22.4%

Total Use

39.16

99.2%

Ending Stocks

0.23

0.8%