The January Crop Production Summary pegged corn production for 2007 at 13.074 billion bushels. This is 1 percent below the November forecast (94 million bushels) but 24 percent above 2006 production. The average yield was lowered by 1.9 bushels from the November estimate and now rests at 151.1 bushels per acre. While lower than the November estimate, it is 2.0 bushels better than the 2006 corn crop. The 2007 yield is the second highest on record falling below the record 160.4 bpa achieved in 2004. This year's production is the largest on record as this is the largest number of corn acres harvested since 1933.
With this report, ending stocks for US corn dropped 359 million bushels from previous estimates and now sits at 1.438 billion bushels. This compares to year ago ending stocks of 1.304 billion bushels. Feed and residual use was raised by 300 million bushes based on the September through November disappearance as indicated by the Quarterly Stocks report. USDA also raised the season-average farm price on both ends by 35-cents and is now estimated at $4.00.
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