P. Scott Shearer, Vice President

August 13, 2012

1 Min Read
Corn Crop Estimated at 10.8 Billion Bushels

USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report predicts the 2012/13 corn crop at 10.8 billion bushels, the lowest since 2006/07.  Corn yield was estimated at 123.4 bu./acre, which would be the lowest since 1995/96.  USDA estimates ending stocks for 2011/12 at 118 million bushels higher as a result of lower projected exports, reduced corn use for ethanol and a small increase in imports.  Corn usage for ethanol was reduced by 400 million bushels.  The 2012/13 season-average farm price for corn is projected at a record $7.50 to $8.90/bu.  The soybean crop is estimated at 2.7 billion bushels with a projected record season-average price of $15 to $17/bu.  The season-average price for wheat was raised to $7.60 to $9.00/bu. “Tighter foreign wheat supplies and sharply higher corn prices raise price prospects for the remainder of the marketing year,” the report stated.  

 

About the Author(s)

P. Scott Shearer

Vice President, Bockorny Group, Inc.

Scott Shearer is vice president of the Bockorny Group Inc., a leading bipartisan government affairs consulting firm in Washington, D.C. With more than 30 years experience in government and corporate relations in state and national arenas, he is recognized as a leader in agricultural trade issues, having served as co-chairman of the Agricultural Coalition for U.S.-China Trade and co-chairman of the Agricultural Coalition for Trade Promotion Authority. Scott was instrumental in the passage of China Permanent Normal Trade Relations and TPA. He is past chairman of the USDA-USTR Agricultural Technical Advisory Committee for Trade in Animals and Animal Products and was a member of the USAID Food Security Advisory Committee. Prior to joining the Bockorny Group, Scott served as director of national relations for Farmland Industries Inc., as well as USDA’s Deputy Assistant Secretary for Congressional Affairs (1993-96), serving as liaison for the Secretary of Agriculture and the USDA to Congress.

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