Friday’s USDA Crop Production Report showed corn production is forecast at 15.2 billion bushels, up less than one percent from the previous forecast, but down one percent from last year. Soybean growers are expected to increase their production by ten percent from 2023, with the forecast at 4.58 billion bushels.
Based on conditions as of October 1, corn yields are expected to average 183.8 bushels per harvested acre, up 0.2 bushels from the previous forecast and 6.5 bushels higher than last year. Soybean yields are predicted to average 53.1 bushels an acre, down fractionally from the previous forecast but up 2.5 bushels from 2023.
The report also included a production forecast for U.S. cotton. The all-cotton production is forecast at 14.2 million 480-pound bales, down two percent from the previous forecast, but up 18 percent from 2023. Yields are expected to average 789 pounds per harvested acre, 18 pounds below September.
The October World Agricultural Supply and Demand Estimates Report was also released on Friday. It says the 2024-2025 corn outlook is for smaller supplies, larger exports, and reduced ending stocks. With supply falling and use rising, ending stocks are cut 58 million bushels to two billion. The season-average corn price received by producers is unchanged at $4.10 a bushel.
U.S. soybean production is forecast at 134.4 million tons, down 0.3 million from last month. With lower soybean production partly offset by slightly higher beginning stocks, supplies are lowered by 2 million bushels to 4.9 billion. The season-average soybean price is unchanged at $10.80 a bushel.
The outlook for U.S. wheat calls for reduced supplies, larger domestic use, unchanged exports, and lower ending stocks. Projected ending stocks are lowered by 16 million bushels to 812 million, still up 17 percent from the previous year. The season-average farm price for wheat is unchanged at $5.70 a bushel.
