The USDA released its November Crop Production and World Ag Supply and Demand Estimates this week, and the agency numbers show more corn production for 2021-2022. The corn outlook calls for greater production, increased corn use for ethanol, and marginally lower ending stocks.
Corn production is forecast at 15.06 billion bushels, up 43 million from last month on a .5 bushel increase in yield to a record 177.0 bushels per acre. The season-average corn price received by producers is unchanged at $5.45 per bushel.
The soybean outlook is for lower production and exports and higher ending stocks. Soybean production is forecast at 4.42 billion bushels, down 23 million on lower yields. Exports are reduced this month, reflecting reduced global imports and lower-than-expected shipments through October. The season-average soybean price is $12.10 a bushel, down 25 cents.
The 2021-2022 wheat outlook calls for lower supplies, higher domestic use, reduced exports, and slightly higher ending stocks. Projected ending stocks are up slightly to 583 million bushels, up three million over last month but still the lowest ending stocks since 2007-2008. The season-average farm price is up 20 cents a bushel to $6.90.