USDA reports corn, soybeans on track for records

Corn yield and production lowered from last month's estimates.

According to the November Crop Production report released today by the U.S. Department of Agriculture’s (USDA) National Agricultural Statistics Service (NASS), corn production is expected to reach 14.4 billion bushels this year, up 3% from 2013. Soybean production is forecast at 3.96 billion bushels this year, up 18% from 2013. Both crops are on target for record-high yields and production. Based on conditions as of November 1, yields for corn are expected to average 173.4 bushels per acre, down 0.8 bushel from the October forecast, but 14.6 bushels above the 2013 average. As for soybeans, yields are expected to average a record high 47.5 bushels per acre, up 0.4 bushel from October and up 3.5 bushels from last year. 

Moreover, all cotton production is forecast at 16.4 million 480-pound bales, up less than 1% from October and up 27% from last year. The U.S. all orange production forecast for the 2014-2015 season is 6.96 million tons, unchanged from October, but up 3 percent from last year.  

NASS interviewed approximately 10,300 producers across the country in preparation for the Crop Production report. In addition to interviews with producers, NASS utilized the objective yield measurement to determine accurate yield and production forecasts.

Today, NASS also released findings from a re-survey of operators with unharvested small grains. Due to delays in this year’s harvest, NASS re-surveyed small grain growers to determine if updates were needed to the Small Grains 2014 Summary. Operators in Colorado, Idaho, Minnesota, Montana, North Dakota, South Dakota, Utah and Wyoming who reported unharvested area in September were asked to verify and update, if necessary, their acreage, yield and production for barley, oats, Durum wheat and other spring wheat.

Based on the re-survey, several changes were made to the estimates published in the Small Grains 2014 Summary, including:

• Barley production estimated at 177 million bushels, is down 2%
• Oat production estimated at 69.7 million bushels, is down 1%
• Durum wheat production estimated at 53.1 million bushels, is down 7%
• Other spring wheat production estimated at 595 million bushels, is down 1%
• All wheat production estimated at 2.03 billion bushels, is down slightly

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