U-S-D-A released their year-end crop report today. USDA Chief Economist Joe Glauber says there was an 11% increase in all crops planted, except cotton, with the most significant increases in major crops like corn and soybeans.
Glauber says corn stocks were lower than most anticipated and that points to greater feed use during the first quarter and that more of the crop is harvested in the previous crop year.
In corn production alone, a more than 25% drop in what was expected prior to dry conditions in production areas. Corn had lower export numbers and lower global ending stocks.
Glauber says the weather played a big roll in productivity. He points to flooded areas early in the year that did not get planted and then drought conditions spread rapidly to areas that were producing.
The final report for 2012 also shows the largest increase in planting since 2002.