Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   

Agricultural News


USDA Report, Survey Data Peg Record Corn Crop

Tue, 13 Aug 2013 11:45:08 CDT

USDA Report, Survey Data Peg Record Corn Crop
The highly anticipated August World Agricultural Supply and Demand Estimates report was released Monday by the Agriculture Department. This first report of the year to incorporate farmer survey and field plot measurements to projected yield and production potential indicates a record crop.


"Up to this point, USDA has been using a statistical model for corn that predicts yield based on planting date, rainfall and temperature during the growing season," said Todd Davis, American Farm Bureau Federation economist. "The August report, through the rest of the year, will incorporate farm production information in the supply and demand estimates."


August's WASDE report projected the 2013 corn crop at 13.763 billion bushels, which would be a record crop, if realized, and a 2.98 billion bushel increase from 2012's drought-stricken crop. The report estimates the 2013 corn yield at 154.4 bushels per acre, a reflection of the late planting season and cool, dry weather in the western Corn Belt, according to Davis.


The USDA report predicts 2013-14 corn ending stocks to drastically increase from 719 million bushels for 2012-13 to 1,837 million bushels, elevating the stocks-to-use ratio from 6.4 percent to 14.5 percent.


"This means that the U.S. corn market is likely to go from a 23-day supply to a 52-day supply of corn. This increase in stocks will cause prices to decline from a marketing-average price of $6.95 per bushel for 2012-13 to a projected $4.90 per bushel in 2013-14," said Davis.


The 2013 U.S. soybean crop is projected at 42.6 bushels per acre, up 3 bushels per acre from the 2012 yield. The soybean crop is estimated at 3.225 billion bushels, up 240 million bushels from 2012 by 104 million less than the production record set in 2009.


The 2013-14 soybean ending stocks are also expected to increase, though not as sharply as corn, from 125 million bushels in 2012-13 to 220 million bushels in 2013-14. In turn, the stocks-to-use ratio also will see an increase from a threadbare 4 percent for 2012-13 to 6.9 percent for 2013-14. The projected marketing-year average prices are expected to decline from $14.40 per bushel for 2012-13 to $11.35 per bushel for 2013-14.


"Due to the late planting season for both corn and soybeans, especially in the western Corn Belt, farmers should expect future reports to provide more accurate estimates that may differ significantly from Monday's estimate," said Davis. "While the 2013 corn and soybean crops do not look excellent everywhere, the corn and soybean markets are anticipating much larger crops, which will lead to lower prices and tighter profitability margins for 2014."


   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Upcoming Rural Economic Outlook Conference at OSU to Provide Applicable Updates for the Ag Industry   Tue, 27 Sep 2022 17:24:21 CDT
  • Congressman Lucas Hopeful Biden Administration Will Provide More Necessary Funds in 2023 Farm Bill   Tue, 27 Sep 2022 17:12:45 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2 p.m. September 27, 2022  Tue, 27 Sep 2022 16:13:21 CDT
  • September 27, 2022, Market Wrap-Up with Justin Lewis  Tue, 27 Sep 2022 14:18:07 CDT
  • LMA Hosts 2022 Washington D.C. Fly In   Tue, 27 Sep 2022 14:07:12 CDT
  • Chairman David Scott Applauds USDA's American-Made Fertilizer Production Grants  Tue, 27 Sep 2022 13:11:41 CDT
  • American Farmland Trust, Edelen Renewables and Arcadia Announce Partnership to Combat Climate Change by Advancing Smart SolarSM  Tue, 27 Sep 2022 12:02:23 CDT
  • U.S. Red Meat Industry Commemorates 45 Years in Japan  Tue, 27 Sep 2022 11:15:07 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.
       

       

    Search OklahomaFarmReport.com

    © 2008-2022 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.