In its first estimate of the 2012/2013 corn crop size, the U.S. Department of Agriculture (USDA) has projected another record corn crop – this one is pegged at 14.79 billion bushels – up 1.7 billion bushels from the previous record of 13.09 billion bushels in 2009.
The 2012 corn crop would be a record crop by 11% over the previous record crop in 2009, and would be 65% larger than the crop of a decade ago (8.97 billion bushels in 2002).
If realized, the 2012 corn crop would be more than twice the size of the average annual corn crop in the 1980s, which averaged 7.15 billion bushels.
In addition, the yield prediction of 166 bushels per acre would be a record yield, topping the 2009 average yield of 164.7 bushels per acre.
This would be only the third time in history that yields have topped 160 bushels per acre, the other times being 2009 (164.7) and 2004 (160.4).
The 2012/2013 carryover is projected by USDA at 1.88 billion bushels, more than double the 2011/2012 carryover of 851 billion bushels.
USDA is also projecting corn for ethanol use to be 5 billion bushels for the marketing year from Sept. 1, 2012 to Aug. 31, 2013.
This report was excerpted from Renewable Fuels Association Vice President of Research and Analysis Geoff Cooper.