USDA Projects Record Corn Crop, Second-Highest YieldFri, 08 Nov 2013 12:38:14 CST
The U.S. Department of Agriculture (USDA) today estimated that the 2013 corn crop will achieve a new record of 13.99 billion bushels, 7% larger than the previous record and a whopping 30% larger than last year's drought-shortened crop. USDA expects yield to average 160.4 bushels per acre, the second-highest yield on record. The report also showed a 2% decrease in planted acreage compared to last year.
"This year's corn crop is a tremendous accomplishment and we applaud America's farmers for their hard work and resilience," said Bob Dinneen, President and CEO of the Renewable Fuels Association (RFA). "It is truly remarkable that the second-best yield in history was achieved despite an extremely late, wet planting season and the so-called 'flash drought' late in the summer. This year's yield and record crop highlight the astonishing innovation and technological change occurring in agriculture. Producing a crop this size using 1980-era technology and average yield would have required 76% more harvested acres."
Dinneen continued, "This historic crop underscores the urgency of maintaining demand. Now, more than ever, the Renewable Fuel Standard must stand as is. No cuts, no reductions. This country will be swimming in excess corn if the RFS requirements are cut."
Other highlights from today's USDA report:
-- Corn ending stocks are projected to hit 1.89 billion bushels, the highest since 2005.
-- Corn prices are projected at $4.10-4.90 per bushel, the lowest in three years.
-- 4.9 billion bushels are slated to be used to make ethanol and animal feed co-products. Roughly two-thirds (3.28 bbu.) of the corn destined for ethanol plants will be converted to fuel ethanol, while the remaining one-third (1.62 bbu.) will be processed into high-protein, high-energy animal feed. On a net basis, just 22% of the record corn supply in 2013/14 will be used for ethanol production.
-- Livestock feed is again projected to be the top use of corn, with 5.2 billion bushels of consumption. When feed co-products from ethanol are considered, livestock will consume the equivalent of 6.8 bbu., or 46% of the corn supply.
-- World grain ending stocks are projected to hit the second-highest level in the last 12 years.
-- World grain production is projected at a record 2.43 billion metric tons and supply is expected to rise to 2.88 billion metric tons. This means U.S. ethanol production is expected to use just 2.95% of the world grain supply on a net basis-the lowest in four years.
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