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Current grain
DOVER, Del. - On January
16 the U.S. Department of
Agriculture released its final
report on grain production
for last year. According to
the report, the 1977 U.S.
soybean crop reached a
record 1.7 billion bushels.
This was 25 per cent higher
than the 1976 crop. U.S. corn
production came to 6.4
billion bushels a new crop
record.
Drought-stricken Delma
rva farmers don’t figure
very well in this bumper
picture, however. Corn
production in Maryland was
down 25 per cent from 1976,
while Delaware’s corn
production was off a
whopping 40 per cent as a
result of last summer’s
severe drought, reports
University of Delaware
Extension crops marketing
specialists.
Soybean production for the'
two states did go up slightly
last year, with Maryland
realizing a 10 per cent and
Delaware a five per cent
increase in yields over 1976.
But considering national
averages,' this is nothing to
shout about, either.
Planting intentions are
now out for the coming
season. According to a
recent USDA report, U.S.
com acreage is projected at
79.3 million acres fro 1978
a two per cent decline from
1977. U.S. soybean acreage is
projected at 63.9 million
acres, up eight per cent from
a year ago.
Whether farmers actually
follow through with these
ms
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intentions is always a big
question, however.
One of the factors af
fecting planting decisions is
the amount of U.S. grain in
storage, because the
quantity of grains and
soybeans still in storage
when the 1978 crops are
harvested will likely affect
prices for them.
Stocks of corn in all
positions as of January 1
totaled 5.4 billion bushels
11 per cent greater than last
year. But this is in line with
expectations. The USDA
estimates that use for the
year will total about 6.1
billion bushels. Feed use will
be close to four billion
bushels, while food and
industrial uses should
consume another 535 million
bushels.
Exports should take care
of 1.75 billion bushels (or 28
per cent of the total use), but
com exports will have to
increase from the current
rate of 29 to 37 million
bushels per week in order to
reach the estimated 1.75
billion bushels by the end of
September, 1978, when the
new com crop will be har
vested. If the projected level
of exports is attained, ending
stocks could be below the one
billion bushel mark.
Stocks of soybeans in all
positions as of January 1
were reported at 1.3 billion
bushels up 27 per cent
from last year. This figure
confirms the size of the 1977
crop. Almost every major
soybean-producing state has
01^#
stocks to affect 1978 plantings
larger inventories than a
year ago.
The USDA has estimated
soybeans processed for the
marketing year at 860
million bushels and exports
at 610 million (41 per cent of
total use), leaving stocks of
270 million bushels at the end
of the crop year. But the rate
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of use for the first quarter
has been above this level,
which suggests a carry-over
of only 195 million bushels
might be possible.
According to experts, one
reason corn planting in
tentions are down from a
year ago is that com prices
have been weak, because of
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the large anticipated carry
over from the 1977 crop. The
increase in acreage
predicted for soybeans
reflects a moderately better
market outlook for this crop
right now, with quite large
export sales and domestic
use.
Assuming growers of com
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and soybeans go throi
with their intended pi
tings, economists says
1978 harvest could
another big one if
weather is good. And v
bulging supplies on hand <
generally ample moist
over much of the grain b
(Turn to Page 39)
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