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U.S. farmers have planted about 2 million fewer corn acres than they previously indicated they would. WASHINGTON - The U.S. corn crop will be greatly reduced in 2008, according to a report released by the World Agricultural Outlook Board.

“The report confirms what observers have known for the past couple of weeks,” said Terry Francl, senior economist with the American Farm Bureau Federation.

According to the board’s World Agricultural Supply and Demand Estimate (WASDE) report, estimated corn yield for 2008 was reduced by 5 bushels per acre compared to the May report. Overall corn production for the year was reduced by 390 million bushels compared to the May estimate, for a total of 11.7 billion bushels.

On the demand side, the 2008/2009 corn feed and residual estimate was reduced another 150 million bushels, and is now down to 1 billion bushels, a 16-percent drop from the previous year.

News regarding planting progress for various crops was released by the Agriculture Department’s National Agricultural Statistics Service, in its Crop Production report. Planting progress for both corn and soybeans has lagged this year due to adverse weather conditions. To date, farmers have planted about 2 million fewer corn acres than they previously indicated they would.

Higher estimated wheat production is anticipated. The winter wheat crop is pegged at 1.8 billion bushels, “almost exactly what analysts predicted,” Francl said.

The winter wheat estimate resulted in a 2008/2009 total wheat production number that was 40 million bushels higher than the May estimate. However, that figure was almost entirely offset by estimated increased demand for wheat for feed use coupled with a likely increase in exports. As a result, ending stocks for wheat are estimated at 487 million bushels, up just 4 million.

The WASDE and Crop Production reports are available by clicking here.