Agricultural News
USDA Continues to Call For a Record Corn Crop- Reduces Soybean Crop Size in September Reports
Thu, 12 Sep 2013 12:48:32 CDT
Apparently a big corn crop may be getting a little bit bigger- this according to the latest reports from the U.S. Department of Agriculture as the agency increased its projection for this year's corn harvest, already expected to be the largest ever, but cut its forecast for the soybean crop. (If you want to hear our audio overview of the reports- including a rundown of the Oklahoma crop production numbers for the spring planted crops in the state- go to the Listen Bar at the bottom of this report)
The USDA's September corn production forecast was increased to 13.843 billion bushels from an August reading of 13.763 billion. The latest projection is above the forecast of analysts who expected the agency to cut the level to 13.646 billion. The September forecast would surpass the record of 13.1 billion bushels set in 2009.
Meanwhile, the monthly report projected soybean production of 3.149 billion bushels for the 2013-14 marketing year, which began Sept. 1. The September projection is down 3% from the August forecast but matched analysts' expectations. The downward revision in the size of this fall's soybean harvest is not a surprise, given weather during the critical pod filling time for much of the US Soybean crop.
Ending stocks for soybeans for the 2013-14 marketing year are now seen at 150 million bushels, compared from the USDA's August reading of 220 million. Analysts expected a September ending stocks reading of 161 million bushels.
The reduced projection would mean little improvement for soybean inventories. Ending stocks for 2012-2013 were just 125 million bushels because the crop suffered during last year's drought.
The projections were cut due to "lower yield prospects, especially in the western Corn Belt," the agency said. The USDA on Thursday projected a soybean yield of 41.2 bushels per acre, compared with the August estimate of 42.6.
For corn, the USDA increased its projection for ending stocks to 1.855 billion bushels from 1.873 billion in August. That is better than analysts' expectation for a forecast of 1.697 billion bushels.
"Higher yields for the Central Plains and across the South more than offset yield reductions for Iowa and North Dakota," the agency said.
Corn yields are now seen at 155.3 bushels per acre, up from the August forecast of 154.4. Analysts had forecast a reading of 153.9 bushels per acre.
The government's forecast for U.S. wheat production for the 2013-14 marketing year remains unchanged at 2.114 billion bushels. The wheat marketing year began June 1. The wheat numbers come out of the WASDE data- with no wheat crop update provided by NASS in the September Crop Production report.
The USDA projects wheat ending stocks at 561 million bushels, a slight increase from the month before due to a raised forecast for imports. Analysts expected an ending stocks forecast of 556 million bushels.
Click here for the September Crop Production Report, as released by the National Ag Statistics Service on Thursday morning.
Click here for the WASDE report from the ERS of the USDA.
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