The USDA report this morning dropped the estimated 2011 corn crop by 305 million bushels to 13.2 billion bushels. They also reduced their estimate for feed use by 100 million bushels. Hence, the 2011/2012 estimated corn carryout has been reduced by 205 million to 695 million bushels from their May estimate of 900 million bushels. This is supportive of a higher new crop corn price. The USDA revised their estimated price for new crop corn to $6-7/bushel from $5.50/6.50 in May.
The estimated number of planted corn acres was reduced 1.5 million acres to 90.7 million versus the prior estimate of 92.2 million.
Projected harvested corn acres were reduced by 1.9 million to 83.2 million with 400,000 more acres removed due to flooding.
This would be 5 million less acres harvested than last year.
U.S. corn exports were down 32% for the week ending June 2 versus the prior week.
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