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Indiana Soybean Yields Forecast to Set Records

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Indiana soybean growers expect to see record yields and production, according to Greg Matli, State Statistician of USDA, NASS, Indiana Field Office. The October Crop Report is based upon conditions as of October 1, 2016. Some highlights of the report are as follows:

Indiana corn yield is expected to be 177 bushels per acre, up twenty-seven bushels from last year’s yield. Total production is expected to be 957.6 million bushels, up 16 percent from 2015.

Indiana soybean production is expected to total 335.1 million bushels, up 22 percent from a year earlier. The yield is forecast at 59 bushels per acre, up 9 bushels from the 2015 report. This would exceed the previous production and yield records set in 2014.

Indiana’s alfalfa hay yield is forecast at 4.10 tons per acre, up 0.2 tons from last year.

Indiana’s other hay yield is forecast at 2.40 tons per acre, up 0.1 tons from last year.

USDA WASDE Report at a Glance

Corn: Corn production is forecast at 15.057 billion bushels, down 36 million from last month as a lower forecast yield more than offsets an increase in harvested area. Corn supplies for 2016/17 are down slightly to 16.845 billion bushels, as a lower crop more than offsets a small increase in beginning stocks based on the September 30 Grain Stocks report

Soybeans: Soybean production is forecast at 4,269 million bushels, up 68 million mainly on higher yields. The soybean yield is projected at 51.4 bushels per acre, up 0.8 bushels from the September forecast. Soybean supplies for 2016/17 are projected 70 million bushels above last month with slightly higher beginning stocks adding to higher production.

Wheat: Projected U.S. ending stocks for 2016/17 are raised 38 million bushels as reduced supplies are more than offset by lower projected use. Production for 2016/17 is lowered 11 million bushels based on the latest estimate from the NASS September 30 Small Grains Annual Summary.

Livestock, Poultry, and Dairy: The forecast for total red meat and poultry production for 2016 is reduced from last month as slightly higher beef and pork production is more than offset by lower broiler production. No change is made to turkey production.

Beef production is raised on higher expected slaughter although carcass weights are reduced slightly. Pork production for 2016 is raised on the pace of third quarter slaughter. Broiler production is lowered as recent production data points towards continued slow growth in bird weights. The turkey production forecast was unchanged. Egg production forecasts for 2016 or 2017 were raised on continued growth in table egg laying flocks.

The milk production forecasts for 2016 and 2017 are raised from last month as the cow inventory has grown more rapidly than previously expected. The higher cow inventories appear to reflect growth in herds supplying expanding dairy product facilities. Cheese and butter price forecasts for 2016 and 2017 were lowered due to higher expected milk supplies. However, nonfat dry milk (NDM) and whey will likely benefit from increased competitiveness in export markets, and stronger exports will help support prices of those products.