Ankeny, Iowa, USA
May 11, 2010
This morning, the United States Department of Agriculture (USDA) released its May crop report.
Nationally, soybean acres are projected at 78.1 million acres, up 1 percent from last year, while corn is expected to be at 88.8 million acres, also up one percent from 2009. USDA projects the national average soybean yield to be 42.9 bushels per acre, compared to 44 bushels per acre a year ago. Average corn yield for 2010 is projected at 163.5 bushels per acre, slightly above earlier projections, reflecting early planting, yet down from 164.6 bushels per acre last year.
Meanwhile, the USDA May 11 Supply/Demand report estimates ending stocks of soybeans (or the amount of grain on hand, available for sale at the end of the year) at 190 million bushels, unchanged from the April report, and ending stocks of corn at 1,738 million bushels, down 1 percent from April.
Iowa Soybean Association (ISA) President Delbert Christensen is not surprised by the report.
“This report is pretty neutral overall and is about what we have expected,” Christensen says. “The trend has been that the USDA has been conservative regarding demand, but we have seen global demand for soybeans remain strong and we expect that to continue.”
Christensen adds that there is a long way to go in the growing season and, as always, weather will be a key factor. “After some terrific early weather, the spring has turned cool and wet, which will offset some of the earlier planting progress and may require some acres to be replanted. Many soybeans were planted much earlier than normal. It will be important to watch how they progress. We need some sunny and dry days.”
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