USDA projects record corn production this season, but smaller crops for soybean and rice producers. In its May 11 Crop Production and World Agricultural Supply and Demand Estimates, USDA also projects an 18 million-bale U.S. cotton crop.

Corn

U.S. corn production is projected at a record 13.5 billion bushels, up 1.1 billion from 2010-11 due to a 4-million-acre increase in intended plantings. Corn yield is projected at 158.7 bushels per acre.

Corn use for ethanol is projected 50 million bushels higher, while domestic corn feed and residual use is projected 50 million bushels lower than 2010-11 reflecting increased availability of feed by-products from ethanol production and lower expected residual use.

U.S. corn exports for 2011-12 are projected 100 million bushels lower than last year, while U.S. corn ending stocks for 2011-12 are projected 900 million bushels higher.

Global corn production forecasts were raised 52.4-million-tons to 867.7 million tons. Global corn exports are projected higher for 2011-12 with increases for Argentina, Russia, and Ukraine. Global corn consumption is projected at a record 860.8 million tons, up 22.2 million from 2010-11. World corn ending stocks for 2011-12 are projected at 129.1 million tons, up 7 million from 2010-11.

Cotton

The U.S. cotton crop is projected at 18 million bales. Domestic mill use is projected at 3.8 million bales, the same as 2010-11, while exports were reduced due to lower U.S. supplies and increased foreign production. Ending stocks are projected at 2.5 million bales, 43 percent above 2010-11, but still the second-lowest level since 1990-91.

World ending stocks are projected to rise to nearly 48 million bales, a 13-percent increase last year. The stocks-to-use ratio of 40 percent remains relatively tight.

World consumption was reduced, due mainly to reductions for India and Pakistan. China’s imports were lowered 1.5 million bales due to a recent fall-off in demand. World ending stocks were raised nearly 1 million bales.