Recent Uptrend in Corn Prices to Cool After USDA Production Report

The highly anticipated crop production report for the 2007-08 crop year was released this morning. Corn production is forecast at 13.1 billion bushels, up 24 percent from last year. This will be the largest amount of corn produced since 1933. Analysts estimated corn production to be 12.909 billion. The average yield is forecast at 152.8 bushels per acre, up 3.7 bushels from last year. This will be the second highest on record behind the 160.4 bushel yield in 2004. Analysts estimated the average yield to be 151.2 bushels per acre.

So what did we learn? Farmers continue to remain loyal towards corn as corn's recent uptrend will cool. Corn future bears and ethanol investors should be pleased.

       Corn for Grain: Yield, and Production by State
and United States, 2005-2006 and Forecasted August 1, 2007
-------------------------------------------------------------
: Yield : Production
State :----------------------------------------------------
: 2006 : 2007 : 2005 : 2006 : 2007
-------------------------------------------------------------
: --- Bushels --- --------- 1,000 Bushels ---------
:
AL : 72.0 65.0 23,800 11,880 15,600
AR : 146.0 153.0 30,130 26,280 81,090
CA : 165.0 170.0 22,360 18,150 32,300
CO : 156.0 150.0 140,600 134,160 157,500
DE : 145.0 80.0 22,022 23,345 14,000
GA : 112.0 115.0 29,670 25,200 55,200
IL : 163.0 178.0 1,708,850 1,817,450 2,314,000
IN : 157.0 157.0 888,580 844,660 1,012,650
IA : 166.0 180.0 2,162,500 2,050,100 2,511,000
KS : 115.0 132.0 465,750 345,000 448,800
KY : 146.0 120.0 155,760 151,840 160,800
LA : 140.0 150.0 44,880 40,600 109,500
MD : 142.0 90.0 54,000 60,350 42,300
MI : 147.0 111.0 287,430 288,120 247,530
MN : 61.0 156.0 1,191,900 1,102,850 1,193,400
MS : 110.0 125.0 47,085 35,750 118,750
MO : 138.0 137.0 329,670 362,940 463,060
NE : 152.0 168.0 1,270,500 1,178,000 1,461,600
NJ : 129.0 112.0 7,564 8,256 9,408
NM : 185.0 185.0 9,625 8,325 8,325
NY : 129.0 123.0 57,040 61,920 66,420
NC : 132.0 94.0 84,000 97,680 96,820
ND : 111.0 125.0 154,800 155,400 275,000
OH : 159.0 143.0 464,750 470,640 540,540
OK : 105.0 135.0 28,750 23,100 33,750
PA : 122.0 110.0 117,120 117,120 110,000
SC : 110.0 100.0 33,060 31,900 37,000
SD : 97.0 117.0 470,050 312,340 520,650
TN : 125.0 95.0 77,350 62,500 74,100
TX : 121.0 142.0 210,900 175,450 262,700
VA : 120.0 80.0 42,480 41,400 32,000
WA : 210.0 210.0 16,400 15,750 27,300
WI : 143.0 145.0 429,200 400,400 478,500
:
Oth :
Sts 1/ : 145.2 142.9 35,506 36,012 42,024
:
US : 149.1 152.8 11,114,082 10,534,868 13,053,617
-------------------------------------------------------------

 

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  • 8/20/2007 10:10 AM Luis wrote:
    Great post!

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