Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   

Agricultural News


Tightest Corn Supplies Seen in 16 Years According to Latest USDA Data

Mon, 12 Sep 2011 16:28:57 CDT

Tightest Corn Supplies Seen in 16 Years According to Latest USDA Data A late-summer heat wave cut the U.S. corn crop by 3 percent, said the government on Monday, equal to trade expectations, but it boosted its forecast of the soybean crop by 1 percent due to higher yields.    The smaller corn crop will mean less grain for livestock feeders and ethanol makers and the tightest corn supply in 16 years, said the Agriculture Department. Corn for ethanol would drop by 2 percent and corn for feed by 4 percent in the coming year. We have initial reaction from Tom Leffler- our own Ed Richards spoke with Tom this morning and you can hear their conversation by clicking on the LISTEN BAR at the bottom of this story.   


With the harvest season opening, the Agriculture Department estimated the corn crop at 12.497 billion bushels, the third-largest crop on record but down 3 percent from its August forecast. Yields are down across most of the Corn Belt due to unusually hot and dry weather in late August. Corn would average 148.1 bushels an acre this fall, the lowest U.S. yield since 2005, and down 4.9 bushels from the August estimate.     


The soybean crop was forecast for 3.085 billion bushels, up 1 percent due to higher yields although USDA ratings of the crop condition declined during August. Traders expected USDA to cut the crop by 1 percent. The soybean stockpile would shrink to 165 million bushels by next fall, slightly larger than traders expect but a two-and-a-half week supply.     Corn supplies were forecast for 672 million bushels next Sept 1, compared to trade expectations of 636 million bushels. It would be a lean stocks to use ratio of 5.3 percent.     


With a slightly larger domestic cotton crop, China will import 14.5 million bales of cotton during 2011/12, down 500,000 bales from last month's estimate, said USDA. It cut its forecast of U.S. cotton exports by 300,000 bales, to 12 million bales for this marketing year.   The US Cotton crop forecast was left virutally unchanged at 15.819 million bales of upland cotton, which is just over ten percent smaller than the 2010 crop.


The Oklahoma spring planted crop numbers showed little change from the August estimates, with only peanuts set to produce a similar sized crop to 2010. The Oklahoma peanut harvest is predicted to bring in 69 million pounds, 2.6% more than the 2010 crop. In contrast, the Oklahoma cotton crop, which had been trending upward over the last few years, is called to be 79% smaller than in 2010. The 90,000 bales is up 5,000 bales from the August forecast- but just a fraction of the 422,000 bales grown in 2010.


Grain sorghum production in the state has fallen 79% compared to 2010, the soybean crop is 60% smaller than last year and the corn crop has shrunk by 50% in 2011 versus 2010.


Click here for the complete USDA Crop Production Numbers released this morning from NASS, data that is based on September first surveys.


In addition, the monthly Supply Demand numbers have been released from the World Ag Outlook Board and the USDA Economic Research Service. You can view that complete report by clicking here.

Looking briefly at the major crops and the supply demand data-

Corn: USDA reduced total use by 400 million bushels, to 12.76 billion bushels. The economists trimmed 200 mb from feed and residual, 100 mb from ethanol, and 100 mb from exports. Carryout dropped to 672 million from August's 714 mb. The stocks-to-use ratio is 5.3%, only a touch above the record low of 5.0%. The estimated average price rose from $6.70 to $7.


Soybeans: Looking at soybean usage, crush was left unchanged, exports and residual use rose, and seed fell. Resulting ending stocks were pegged at 165 mb, up 10 million from August, but still 60 mb below old-crop ending stocks. Ending stocks-to-use is 5.2%, a level that the market is generally comfortable with. The average price estimate rose modestly from $13.50 in August to $13.65.


Wheat: Counter to expectations, all-wheat ending stocks rose to 761 million bushels from August's 671 mb, 33% of expected total use. USDA reduced exports 75 mb and food use 5 mb; left feed and residual use unchanged from August, at 240 mb, versus 133 for the 2010-11 crop year. USDA raised its average price estimate form $7.60 in August to $7.85.





   
   

Ed Richards talks with Tom Leffler of Leffler Commodities about the Monday Crop Production and Supply Demand Reports
right-click to download mp3

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma Youth Expo Sale of Champions Sale Order Available Here- Sale Set for 4 PM Friday  Fri, 17 Mar 2023 04:50:54 CDT
  • Rural Voters Dominated Vote to Defeat Recreational Marijuana March 7th  Fri, 10 Mar 2023 07:13:05 CST
  • Ron Hays Talks to Israeli Ag Tour Guide Colin Lotzof About the Miraclel of Ag in Israel  Wed, 22 Feb 2023 22:11:04 CST
  • OALP Members Experience First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:51:49 CST
  • OALP Members Get First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:50:10 CST
  • Oklahoma Ag Leadership Program Sees Fruit, Beef and Dairy Production North of the Sea of Galilee in Israel  Mon, 20 Feb 2023 21:56:02 CST
  • Oklahoma Ag Leadership Program Sees Diverse Farm Operations in Jordan River Valley of Israel  Sun, 19 Feb 2023 21:17:30 CST
  • Israeli Tour Guide Mark Kedem Talks About The Cultural Aspects of What Class XX of OALP is Experiencing   Sat, 18 Feb 2023 22:17:23 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.
       
       
       
       

    Search OklahomaFarmReport.com

    © 2008-2024 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.