Chance for record corn yields in Nebraska

In its first estimate for the 2010 corn crop released this morning, USDA forecast yields in Nebraska at a record 180.0 bushels per acre – 2 bushels above last year's record and a testament to the very good condition of this year's crop.

That would put the state's corn production at 1.54 billion bushels off 8.55 million planted acres, compared to last year's 1.58 billion bushel crop from 8.85 million planted acres.

Nationally, corn production is forecast at a record high 13.4 billion bushels – up 2 percent from last year's record. USDA estimated yields to average a record high 165.0 bushels per acre, up 0.3 bushel from last year's record of 164.7.

Yield estimates are based on a survey but, of course, are subject to change as the year progresses, especially once harvest gets underway in the fall.

As for supply and demand, USDA projected that 2010-11 ending stocks would be 1.31 billion bushels, which is 61 million below its July estimate. Lower ending stocks were the result of increases in projected use for sweeteners and starch (30 million bushels) and a 100 million bushel bump in exports, which USDA said was due to tighter foreign supplies of wheat and coarse grains raising prospects for U.S. corn shipments.