Ankeny, Iowa, USA
January 12, 2012

The U.S. Department of Agriculture (USDA) today issued its annual production report, giving final numbers for the 2011 crop. According to the report, soybean production totaled 3.056 billion bushels; that is up 10 million bushels from the November forecast of 3.046 billion bushels and down from 3.329 billion bushels produced in 2010. The average yield for the U.S. is estimated at 41.5 bushels per acre, up from the November forecast of 41.3 and down from 2010’s yield of 43.5 bushels per acre. Harvested area was reported at 73.636 million acres, down slightly from 73.676 estimated in November and lower than 2010’s 76.610 million acres.

For Iowa, soybean production is estimated at 466 million bushels. Iowa soybean yield in 2011 averaged 50.5 bushels per acre, compared to 51 in 2010.

USDA corn production is estimated at 12.358 billion bushels, down from the November forecast of 12.310 and down from 12.447 billion bushels in 2010. U.S. average yield is estimated 147.2 bushels per acre, up slightly from 146.7 bushels forecast in November and down from the 152.8 bushel average in 2010. Area harvested for grain is estimated at 83.981 million acres, up from the November estimate of 83.936 million acres and from 81.446 million acres in 2010.

For Iowa, total corn production is estimated at 2.356 billion bushels, with an average yield of 172 bushels per acre, compared to 165 in 2010.

The USDA raised U.S. ending stocks while lowering world soybean ending stocks from the previous report.

Regarding today’s USDA report, Iowa Soybean Association (ISA) President Dean Coleman says, “This report adds one more piece of information regarding overall carryout. All eyes will now be on South America to see whether their drought continues and how that impacts their yield, which in turn will impact world supply.”

ISA Director of Market Development Grant Kimberley adds, “Some industry experts feel the South American drought has already done more damage to their crop than accounted for in this report, but time will tell.”

According to ISA CEO Kirk Leeds, “This report creates a buying opportunity for end users. We wouldn’t be surprised if it leads to some increased U.S. exports.”

Kimberley reports that, interestingly, ISA has recently received word from the U.S. Export Council that a large Chinese soybean buying delegation is coming to Iowa in February, which is unusual at this time of year.

The next USDA crop report will be released on Feb. 9.
 

Website: http://www.iasoybeans.com

Published: January 12, 2012