Darrel Good

The Agriculture Department lowered its estimates of the corn and wheat crops marginally and raised its estimate of the soybean crop by 1 percent in its monthly crop report.

The corn and soybean harvest is running far behind normal, says the weekly Crop Progress report. Some 31 percent of the corn crop and 53 percent of the soybean crop was in the bin at the start of this week.

Corn plantings could decline by 3 percent next year without pinching the U.S. supply, swollen by the second record-setting crop in two years, says economist Darrel Good of U-Illinois.

Ethanol makers produced 14.15 billion gallons of ethanol during the 12 months ending on Sept 1, coinciding with the corn marketing year, says economist Darrell Good of U-Illinois.

Crop tours generate a lot of attention with their estimates of crop yields or output but the organizers often say little about the level of accuracy they represent.

U.S. farmers said they would plant a record 81.5 million acres of soybeans this spring, putting within reach a record crop that would ease high prices and the tightest supplies in decades.

The winter wheat harvest, at 16 percent complete, is running 4 points behind average, says the weekly Crop Progress report.

Ethanol makers have enjoyed a run of high profits since March 2013, "driven by a combination of steady or rising ethanol prices and falling corn prices," write economists Scott Irwin and Darrel Good at farmdoc daily.

With a wet and cool spring in the Farm Belt, "it would not be surprising for (corn) acreage to fall short of intentions, particularly in northern growing areas," says economist Darrel Good of U-Illinois at farmdocdaily, unless corn prices improve.

USDA has lowered its forecast of the U.S. corn stockpile for five months in a row and the current estimate, of 1.33 bln bu, is down 29 pct from November, when growers were harvesting a record-large crop, writes economist Darrel Good of U-Illinois.