USDA’s release this morning of this year’s expected crop yields suggests corn and soybean meal could be cheaper after harvest. Much depends on whether frost comes early in the still maturing crops, however.
USDA projected a national corn crop of 12.955 billion bushels. If realized, that would be 844 million bu more than 2008, a 7% increase. Soybean yields are projected to jump to 3.245 billion bushels. That’s a 286 million bushel jump, or nearly a 10% jump.
However, global carryover of corn stocks for the 2009/2010 fiscal year is projected to decline about 4%. Soybean carryover is projected to increase some 25% next year.
For the full report, go to: www.usda.gov/nass/PUBS/TODAYRPT/crop0909.txt
For a more complete analysis by Dairy Today’s partners at ProFarmer, specialists in the grain trade, go to: www.agweb.com/get_article.aspx
