(01/03/07) USDA Corn Forecast

Early numbers out of the USDA's Ag Outlook conference put 07/08 corn acreage at 87.0 mil acres, up 8.7 million acres from last year.

Overall market expectations are believed to be around a 9 - 10 million acre increase. USDA put the 07/08 corn crop at 12.2 bil bu vs last year's 10.535 bil bu crop. The baseline numbers released last month showed corn acreage at 86.0 mil acres and the crop at 12.065 bil. USDA also put corn use for ethanol at 3.2 bil bu for 07/08 vs their 06/07 estimate of 2.150 bil

 

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