U.S. Corn Production Falls 13 Percent

Damage to corn and soybean crops worse than expected: USDA 

U.S. growers set to produce 13 percent less corn than 2011. Corn production is forecast at 10.8 billion bushels, a fall of 13 percent from 2011 and the lowest production since 2006, USDA reported.

Farmers had expected record harvest earlier this year having planted the largest acreage in 75 years.

• Yields are forecast to average 123.4 bushels per acre, down 23.8 bushels from 2011, based on crop conditions as of August 1.
• The yield is expected to be the lowest average since 1995.
• Production 2012: 10,778,589,000 bushels [2011: 12,358,412,000 bushels]
• Area harvested for grain (forecast): 87.4 million acres (down 2 percent from the June forecast but up 4 percent from 2011).
• Fifty percent of U.S. corn crop was in very poor or poor condition in the week ending August 5, 2012.
• Corn prices have surged 61 percent since June this year.

Map of the Agricultural Weather Assessments for U.S. Corn Conditions for the week ending August 4, 2012. Source: USDA

Soybean

Soybean production is forecast at 2.69 billion bushels, a fall of 12 percent from 2011.

• Yields are expected to average 36.1 bushels per acre, down 5.4 bushels from 2011.
• Production forecast for 2012: 2,692,014,000 acres  [2011: 3,056,032,000 bushels]
• The average yield is expected to be the lowest since 2003.
• Area for harvest (forecast):  74.6 million acres, down 1 percent from June but up 1 percent from 2011.
• Source: Crop Production (August 2012);  USDA, National Agricultural Statistics Service