Report Lowers Yields Slightly, But Keeps Farmers on Pace for a Record Corn CropMon, 12 Aug 2013 16:04:20 CDT
Despite slight decreases in the forecasts for overall production and national yield, U.S. farmers are still on track to produce a record corn crop, according to U.S. Department of Agriculture estimates released today. The projected harvest of 13.8 billion bushels of corn fell 187 million bushels from the forecast a month prior as the first survey-based yield forecast fell to 154.4 bushels per acre. If this forecasts is realized, U.S. corn farmers would far exceed the production record set in 2009 of 13.09 billion bushels.
"Despite planting delays and somewhat cool, wet conditions across much of the Corn Belt, farmers have worked diligently to grow the best crop possible," said National Corn Growers Association First Vice President Martin Barbre, a farmer from Carmi, Ill. "We are pleased to see that this work is coming to fruition in many of the fields surveyed by the USDA in order to produce this forecast. Farmers merge cutting-edge technology and ever-improving practices to create a dynamic industry capable of operating at a level unthinkable only a few decades prior. As harvest slowly approaches, we hope that conditions hold strong and look forward to getting the crop out of the field and into the bins."
Total production projections were lowered from last month by 187 million bushels to 13.8 billion bushels total. The projected yield was also lowered by 2.1 bushels per acre to 154.4 bushels per acre to reflect reports from field surveys. Notably, if achieved, this would still be the third highest national average corn yield on record.
Corn beginning stocks projections were lowered by 10 million bushels based upon a 15-million bushel increase in the previous crop year's exports. A five-million-bushel increase in imports partially offset the decline in beginning stocks.
U.S. corn ending stocks for 2013-2014 are projected at 1.83 billion bushels, 122 million bushels lower than a month prior. The season-average farm price, now projected ten cents higher at each end to $4.50 to $5.30 per bushel, remains down sharply from the record $6.70 to $7.10 the prior year.
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