Today’s USDA reports showed corn stocks down 4% from December 2010, and production down 1% from then. Soybean stocks are up 4% from a year ago, however production is down 8% from 2010.

Corn

Corn stored in all positions on Dec. 1, 2011 totaled 9.64 billion bushels, down 4% from Dec. 1, 2010. Of the total stocks, 6.18 billion bushels are stored on farms, down 2% from a year earlier. Off-farm stocks, at 3.47 billion bushels, are down 8% from a year ago. The September-November 2011 indicated disappearance is 3.84 billion bushels, compared with 4.10 billion bushels during the same period last year.

Corn for grain production is estimated at 12.4 billion bushels, up slightly from the Nov. 1 forecast but 1% below 2010. The average yield in the U.S. for 2011 is estimated at 147.2 bu./acre. This is up 0.5 bu. from the November forecast but 5.6 bu. below the 2010 average yield of 152.8 bu.. Area harvested for grain is estimated at 84.0 million acres, up slightly from the November forecast and up 3% from 2010.

Soybeans

Soybeans stored in all positions on Dec. 1, 2011 totaled 2.37 billion bushels, up 4% from Dec. 1, 2010. Soybean stocks stored on farms totaled 1.14 billion bushels, up 4% from a year ago. Off-farm stocks, at 1.23 billion bushels, are up 3% from last December. Indicated disappearance for September-November 2011 totaled 905 million bushels, down 25% from the same period a year earlier.

Soybean production in 2011 totaled 3.06 billion bushels, up slightly from the Nov. 1 forecast but down 8% from 2010. United States production is the sixth largest on record. The average yield per acre is estimated at 41.5 bu., 0.2 bu. above the Nov. 1 forecast but 2.0 bu. below last year's yield. Harvested area is down 4% from 2010 to 73.6 million acres.

Read the full Crop Production Annual Summary.

Read the full Grain Stocks report.