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The final word on 2012′s U.S. corn and soybean crops is out Friday.
On average, via Dow Jones Newswires, analysts expect the 2012 corn crop to be 10.626 billion bushels with an average yield of 122.4 bushels per acre. Production estimates range from 10.100 billion to 10.801 billion bushels and yield projections run from 121.0 to 123.4 bushels per acre. In December, USDA saw corn at 10.725 billion bushels with an average yield of 122.3 bushels per acre, while the 2011 crop totaled 12.358 billion bushels for an average yield of 147.2 bushels per acre.
Soybeans are estimated at 2.999 billion bushels with an average yield of 39.6 bushels per acre. This year’s production expectations run from 2.922 billion to 3.104 billion bushels and yield estimates range from 38.6 to 41.0 bushels per acre. USDA’s last guess was for a crop of 2.971 billion bushels with an average yield of 39.3 bushels per acre. 2011′s crop totaled 3.094 billion bushels with an average yield of 41.9 bushels per acre.
The report is out January 11 at Noon Eastern/11 AM Central.
Ahead of Friday’s USDA quarterly grain stocks update, analysts, on average, expect tighter year to year supplies of corn and soybeans against a slight increase in wheat.
Via Dow Jones Newswires, U.S. corn stocks as of December 1 are estimated at 8.210 billion bushels, compared to 988 million on September 1, 2012 and 9.647 billion on December 1, 2011. Analysts’ expectations range from 8.050 billion to 8.450 billion bushels.
Soybean stocks in all positions are pegged at 1.984 billion bushels, compared to 169 million the previous quarter and 2.370 billion a year ago. Projections run from 1.915 billion to 2.056 billion bushels.
Wheat stocks are seen at 1.674 billion bushels, compared to 2.104 billion last quarter and 1.663 billion last year. Estimates range from 1.553 billion to 1.721 billion bushels.