U.S. Corn Yield May Increase by 64 million Pu

2014-01-10 Developments

2014-01-09 08:56 |
source: China Grain Network |

WASHINGTON, Jan. 8: The U.S. Department of Agriculture will release its final estimate of crop production in 2013 on Friday. Before the report was released, analysts at major U.S. futures agencies believed that the U.S. Department of Agriculture was likely to raise U.S. soybean and corn production data in the report.

According to a survey of 20 futures institutions, analysts on average expect U.S. corn production to increase to 14.053 billion bushels in 2013, higher than the U.S. Department of Agriculture's December forecast of 13.989 billion bushels and far higher than the U.S. corn production of 10.78 billion bushels in 2012/13.

Of the 20 institutions, Macquarie Securities had the highest forecast for U.S. corn production at 14.255 billion bushels and Farm Futures magazine had the lowest forecast at 13.897 billion bushels. Other major agency forecasts include Citigroup 14.109 billion bushels, Allendale 14.083 billion bushels, Donne 14.044 billion bushels and Jeffreich 14.067 billion bushels.

In addition, the 20 agencies expect an average U.S. corn yield of 161.10 bushels per acre in 2013/14, higher than the USDA's December forecast of 160.40 bushels per acre and 123.4 bushels per acre the previous year.

On average, 20 institutions forecast 87.195 million acres of U.S. corn to be harvested in 2013/14, slightly lower than the 87.2 million acres forecast by the U.S. Department of Agriculture in December and 87.4 million acres in 2012/13.

The U.S. Department of Agriculture (USDA) will release a new monthly supply and demand report on Friday. The U.S. futures agency expects this report to increase the ending inventory of U.S. corn in 2013/14,.

According to the summary of the forecasts of 20 futures institutions, analysts on average expect the ending inventory of US corn in 2013/14 to be 1.844 billion bushels, higher than the USDA's December forecast of 1.792 billion bushels and far higher than the ending inventory of 0.824 billion bushels last year.

Of the 20 institutions, Macquarie Securities had the highest forecast for U.S. corn ending stocks at 2.019 billion bushels, and Farm Futures magazine had the lowest forecast at 1.654 billion bushels. Other major agency forecasts include Citigroup 1.873 billion bushels, Allendale 1.902 billion bushels, Donne 1.843 billion bushels and Jeffreich 1.771 billion bushels. (Source: Game Master)