As expected, the October World Ag Supply and Demand Report shows lower U.S. corn and soybean production, as well as lower stocks of commodities.
Corn production is forecast at 14.722 billion bushels, 178 million bushels lower than the previous month. Corn yield declined slightly to 178.4 bushels per acre. Corn supplies are forecast down sharply from last month, thanks to a smaller crop and lower beginning stocks. The corn price rose 10 cents to $3.60 a bushel.
Soybean production is forecast at 4.3 billion bushels, down 45 million bushels on a lower harvested area, and the yield is projected at 51.9 bushels per acre, unchanged from last month. Soybean supplies are forecast at 4.8 billion bushels, down 96 million on lower production and beginning stocks. The soybean price is forecast at $9.80 a bushel, 55 cents higher than September, due to smaller supplies and higher exports.
USDA says wheat supplies are reduced by 32 million bushels from the previous month on the combination of lower beginning stocks and production. Projected ending stocks dropped by 42 million bushels to 883 million, which would be the lowest ending stocks in six years. The season-average farm price is up 20 cents a bushel to $4.70.
In Indiana, corn yield is expected to be 189 bushels per acre, 20 bushels higher than last year’s weather decimated yield and 3 bushels higher than last month’s forecast. Total production is expected to be 992 million bushels, up 22 percent from 2019. If realized, this will be the highest Indiana corn yield on record.
Indiana soybean production is expected to total 341 million bushels, up 25 percent from a year earlier. The yield is forecast at 60 bushels per acre, up 9 bushels from 2019 and unchanged from last month. If realized, this will be the highest yield on record.
Source: NAFB News Service and USDA Great Lakes Field Office