Corn Production Up 3% from August Forecast and Soybean Production Up 3%
Corn production is forecast at 14.4 billion bushels, up 3 percent from both the August forecast and from 2013. Based on conditions as of September 1, yields are expected to average 171.7 bushels per acre, up 4.3 bushels from the August forecast and 12.9 bushels above the 2013 average. If realized, this will be the highest yield and production on record for the United States. Area harvested for grain is forecast at 83.8 million acres, unchanged from the August forecast but down 4 percent from 2013.Total usage is forecast at a record 13.6 bb, USDA noted though large foreign stocks will prevent a large increase in exports. USDA foresees feed and residual use increasing in 2014-15 by 75 million bushels, food, seed and industrial use increasing by 70 million bushels’, ethanol use increasing by 50 million bushels and exports increasing by 25 million bushels. Global ending stocks were estimated at 189.9 million metric tons, up 2 million metric tons from the August report.
Soybean production is forecast at a record 3.91 billion bushels, up 3 percent from August and up 19 percent from last year. Based on September 1 conditions, yields are expected to average a record high 46.6 bushels per acre, up 1.2 bushels from last month and up 3.3 bushels from last year. Area for harvest in the United States is forecast at a record 84.1 million acres, unchanged from August but up 11 percent from last year. USDA increased soybean use estimates by 42 million bushels in response to its higher production estimates. It increased crush demand by 15 million bushels and export demand by 25 million bushels. Globally, ending stocks are 90.2 million metric tons one of the largest on record, according to USDA. USDA also increased Brazilian production by 3 million metric tons and Argentine production by 1 million metric tons.
Indiana Production Estimates:
Indiana’s average corn yield is forecast at 184 bushels per acre. If realized, this would be 7 bushels above the previous record. Total production is forecast at 1.08 billion bushels, also a new record. Both of the previous records were set last year.
Soybean yield in Indiana is forecast at 52 bushels per acre, which, if realized, would break 2004’s record of 51.5 bushels per acre. Total production is forecast at 285 million bushels, up 8 percent from last year. This would also exceed the 2004 record of 284 million bushels.
The wheat production forecast was not included in Thursdays report as it will part of the Small Grains Report coming out at the end of this month. Globaly, USDA increased wheat ending stocks for 2014-15 to 196.4 million metric tons. USDA increased European Union wheat production be 3 million metric tons from last month.