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USDA sees larger crop sizes in 2009

Agriculture.com Staff 02/27/2009 @ 6:22am

CHICAGO, Illinois (Agriculture Online)--U.S. farmers are expected to raise larger corn and soybean crops in 2009, according to the USDA's latest baseline projections. On Friday, USDA released the data from its annual Outlook Forum.

Because USDA's Chief economist pre-released some of these numbers during his speech at the Outlook Forum, Friday's CBOT market trading may be less impacted by the estimates.

USDA estimated 2009/10 U.S. corn acres at 86.0 million, slightly higher than last year. The U.S. corn production is estimated at 12.365 billion bushels vs. 12.1001 last year. USDA sees 4.1 billion bushels of corn being used for ethanol in 2009/10 vs. 3.6 billion last year.

For soybeans, USDA estimated the 2009 U.S. soybean harvested acres at 86.0 million, larger than last year. Also, USDA's soybean production estimate is 3.240 billion bushels vs. 2.959 last year. Meanwhile, USDA sees 2.9 billion pounds of soyoil being used for biodiesel in 2009/10, unchanged from last year.

For wheat, USDA estimates U.S. Wheat harvested acres at 58.0 million vs. 63.1 million a year ago. For 2009/10 wheat production, USDA estimated 2.120 billion bushels vs. 2.5 billion last year.

Separately, a Brazilian consulting firm is out this morning with a new Brazil soy crop estimate of 55.9 million metric tons, 7% lower than 2007/08.

CHICAGO, Illinois (Agriculture Online)--U.S. farmers are expected to raise larger corn and soybean crops in 2009, according to the USDA's latest baseline projections. On Friday, USDA released the data from its annual Outlook Forum.

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