USDA again has raised its estimate for this year’s corn crop. In its crop production and supply and demand estimates released this morning, USDA forecasts corn production at 13.318 billion bushels, 10 million bushels more than last month’s estimates. The average yield is now projected to be 154.7 bushels per acre, the second best on record.
Total U.S. corn supplies are projected to be a record 14.6 billion bushels. USDA estimates that during the 2007-2008 market year, 3.2 billion bushels of corn will be used for ethanol and 2.35 billion bushels will be exported.
For the current USDA supply and demand report, follow this link.
For the current crop production report, follow this link.
Source: National Corn Growers Association