USDA Baseline Projections
The USDA came out yesterday with their long-term so-called "baseline" projections for crop production and supply & demand. Here's what they had to say for US corn and wheat:
CORN 09/10 10/11 11/12 12/13 13/14 14/15
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Acres 86.4 88.0 90.0 89.5 89.5 89.5
Yield (bu/acre) 162.9 160.4 162.4 164.4 166.4 168.4
Production 12.92 12.96 13.45 13.53 13.70 13.86
Domestic Usage 10.88 10.97 11.13 11.32 11.48 11.61
Of which..
Ethanol for fuel 4.20 4.40 4.55 4.70 4.83 4.88
Exports 2.10 2.15 2.20 2.25 2.28 2.30
Ending Stocks 1.63 1.48 1.61 1.59 1.55 1.52
Stocks/usage % 12.5 11.3 12.1 11.7 11.3 10.9
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WHEAT
Acres 59.1 55.0 56.0 55.0 53.5 54.0
Yield (bu/acre) 44.4 42.7 43.9 44.2 44.6 44.9
Production 2.22 2.00 2.09 2.07 2.03 2.06
Domestic Usage 1.22 1.25 1.28 1.30 1.31 1.32
Exports 0.88 0.88 0.90 0.90 0.90 0.90
Ending Stocks 0.89 0.87 0.90 0.87 0.81 0.78
Stocks/usage % 42.2 41.2 41.1 39.6 36.8 35.1
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