USDA reduces corn forecast as losses in IL offset gains in ND, MN

October 11, 2012 |

In Washington, the USDA, in its monthly WASDE report, reduced projected US corn yields to 122.0 bushels per acre, down 0.8 bushels from last month and 25% below spring forecasts. “Lower yields in Illinois are only partly offset by increases for Minnesota and North Dakota,” said the USDA. U.S. corn use for 2012/13 was lowered with a 100-million-bushel reduction in projected exports, and exports were lowered “based on the slow pace of sales to date and strong competition from Brazil.” Corn ending stocks for 2012/13 were projected 114 million bushels lower at 619 million. The season-average farm price for corn was lowered 10 cents on both ends of the range to $7.10 to $8.50 per bushel based on early season cash and futures prices and prices available for forward delivery through early 2013. Global corn production for 2012/13 was lowered 2.0 million tons with reductions for EU-27, Serbia, and the United States, the agency said.

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