In its September Crop Production report, the USDA forecast US 2012 corn production at 10,727 million bus, down 52 million bus from 10,779 million bus forecast in Aug. and down 1,631 million bus, or 13%, from 12,358 million bus in 2011.
In its WASDE, the USDA projected the carryover of corn in the US on Sept. 1, 2013, at 733 million bus, up 83 million bus, or 13%, from 650 million bus projected in August but down 448 million bus, or 38%, from an upwardly revised 1,181 million bus in the current year.
The USDA forecast US 2012 soybean production at 2,634 million bus, down 58 million bus, or 2%, from 2,692 million bus forecast in Aug. and down 422 million bus, or 14%, from 3,056 million bus in 2011.
The USDA projected soybean carryover on Sept. 1, 2013, at 115 million bus, unchanged from the Aug. projection but down 15 million bus, or 12%, from the downwardly revised 130 million bus in the current year.
The USDA 2013 carryover number for wheat was below the average of trade expectations, but the corn and soybean numbers were above the average. The 2012 USDA corn production forecast was above the average of trade expectations while the soybean crop production forecast was slightly below the average.
Corn futures traded sharply lower after the report while wheat and soybean futures also were lower in early trading.
The USDA did not issue new US wheat production estimates for 2012. Those numbers will be updated in the Sept. 28 Small Grains Summary.
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