Earlier today, USDA released its final report on the size of the 2010 corn crop and supply, as well as its updated estimates of corn use. The January report did make a couple of important changes:
- USDA lowered average corn yields to 152.8 bushels per acre, still the 4th highest in history. The reduction in yield was partially offset by the addition of 100,000 harvested acres. Final 2010 corn production as seen by USDA stands at 12.45 billion bushels – the 3rd largest crop in history.
- USDA increased its demand forecast for ethanol to 4.9 billion bushels for the marketing year (Sept. 1, 2010 to Aug. 31, 2011). That translates to ethanol production of about 13.5 billion gallons. Recognizing the contribution of distillers grains and other feed co-products of ethanol production, USDA did lower its livestock feed usage by 100 million bushels.
- USDA is showing ending stocks of corn at 745 million bushels, down from the previous report.