USDA forecasts third largest corn crop on record

Despite decrease from last year's production, corn crop will be third largest production on record.

U.S. growers are forecast to produce 13.7 billion bushels of corn this year, according to the Crop Production report issued Aug. 12 by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). Despite a 4% decrease from last year’s production, if realized, this will be the third largest production on record.

Growers in the eastern part of the Corn Belt were hampered by wet conditions throughout spring and the early part of the summer this year. The rest of the region’s states experienced favorable conditions, however, resulting in record-high corn yields in several states, including Iowa, Michigan, Minnesota, Nebraska, South Dakota, and Wisconsin. Overall, across the United States growers planted 88.9 million acres to corn, unchanged from the previous NASS estimate, made in June. As of August 2, 70% of U.S. corn was reported to be in good or excellent condition, three percentage points below the same time last year.

U.S. soybean growers were also forecast to reduce their production this year. NASS forecasted U.S. soybean production of 3.92 billion bushels, down 1% from last year. If realized, despite the decrease, this will be the second largest U.S. soybean production on record. This year’s soybean yield, at 46.9 bushels per acre, is also forecast to be the second largest on record, down 0.9 bushels per acre from the record set in 2014. Growers are expected to set new record-highs in Arkansas, Georgia, Kentucky, Michigan, Minnesota, Nebraska, South Dakota, and Virginia.

The report also forecasted that wheat production will increase this year. According to the report, all wheat production was expected to total 2.14 billion bushels this year, a 5% increase from 2014. Based on August 1 conditions, NASS forecasts the all wheat yield at 44.1 bushels per acre, up 0.4 bushels from last year.

 

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