Record Corn Crop Still Anticipated- A Review of USDA's Monday ReportsTue, 13 Aug 2013 05:27:50 CDT
According to the Crop Production report issued by USDA Monday - U.S. corn growers are expected to produce a record-high 13.8-billion bushels of corn in 2013. That’s a 28-percent increase from drought-stricken 2012. While the early planting season wasn’t very favorable this year - with abnormally wet and cold spring weather leading to just five-percent of corn planted by April 28th - the weather became more favorable in mid-May. This allowed producers to speed up their planting pace and tie the previous single-week planting record by getting 43-percent of the total crop in the ground during the week ending on May 19th. Growers completed planting by mid-June - with 97.4-million acres planted. As of August 4th - 64-percent of the U.S. corn crop was rated in good to excellent condition - significantly higher than at this time last year. As a result - USDA’s National Agricultural Statistics Service is forecasting this year’s corn yield at 154.4-bushels per acre. That would be the third-highest yield on record.
U.S. soybean production is forecast at 3.26-billion bushels - up eight-percent from last year. Growers are expected to harvest 76.4-million acres of soybeans - which would be the second largest harvested acreage on record. Like corn growers - soybean producers were hampered by the unfavorable weather during the planting season. Planting of the crop wasn’t underway in all 18 major soybean growing states until mid-May. The improved weather in June allowed growers to speed up their planting. Growers had 96-percent of the crop in the ground by June 30th - and based on August 1 conditions - yields are expected to average 42.6-bushels per acre.
Monday’s Crop Production report also included the first production forecast for U.S. cotton. NASS forecasts all cotton production at 13.1-million 480-pound bales - down 25-percent from last year. Yield is expected to average 813-pounds per harvested acre - down 74-pounds from last year. Wheat production is also estimated lower than 2012. All wheat production is expected to total 2.11-billion bushels - a seven-percent decline from 2012. The all wheat yield - based on conditions on August 1 - is forecast at 46.2-bushels per acre.
For this report - NASS interviewed more than 24-thousand producers across the country. The agency also conducted field and lab measurements on corn, soybeans, wheat and cotton in the major producing states - which usually account for about 75-percent of U.S. production. The September Agricultural Survey will focus on wheat, barley, oats and rye growers. That survey will take place the first two weeks of September.
Click here for the complete Crop Production Numbers from USDA as released August 12, 2013.
In addition to the Crop Production estimate- USDA also released the monthly WASDE report.
The USDA analysts say that "projected U.S. wheat supplies for 2013/14 are raised slightly this month as small increases
for Soft Red Winter wheat and Durum are mostly offset by decreases for White, Hard Red Spring and
Hard Red Winter wheat. U.S. wheat exports for 2013/14 are raised 25 million bushels reflecting
continued strong early season sales and an increased outlook for China imports. Despite larger
expected crops in several major exporting countries, strong early season demand and higher
projected world imports and consumption also boost prospects for U.S. shipments. Ending stocks
are projected 25 million bushels lower."
Feed grain and soybean stocks were also lowered- that primarily due to the lower forecasts for those crops here in the US.
Click here for the August 12 WASDE report from USDA.
Later in the day- the regular Monday afternoon Crop progress numbers were released- and they showed no real change within the crop condition ratings for corn and soybeans- and a two point drop in the crop ratings for the US Cotton crop. To review those numbers- click here.
Farm Director Ron Hays has an audio overview of some of the key aspects of these reports- and you can listen to Ron who is joined by Tom Leffler of Leffler Commodities and Rich Nelson of Allendale- click on the LISTEN BAR below.
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