USDA Forecasts Record Breaking Year for US Corn, Soybean ProductionTue, 12 Aug 2014 14:37:46 CDT
America farmers are set to produce a record breaking corn and soybean crops this year. On Tuesday, the US Department of Agriculture released its crop production report forecast. USDA is predicting America's farmers will produce 14 billion bushels of corn and 3.8 billion bushels of soybeans.
USDA pegged the nation's corn yield at 167.4 bushels per acre with eleven states likely to set new corn yields this year. USDA indicated the yield survey produced the highest number of ears in the ten states where they conduct the survey. USDA lowered ending stocks for 2013 - 2014 by 65 million bushels to 1.181 billion bushels. USDA increased corn use for ethanol and increased exports. USDA estimated ending stocks for the 2014 - 2015 crop at 1.808 billion bushels.
Global ending stock for the 2014 - 2015 corn crop were pegged at 187.82 million metric ton, slightly lower than July. USDA made no changes to production in Brazil or Argentina.
USDA estimated the nation's soybean yield at 45.4 bushels per acre with record state yields predicted for Arkansas, Illinois, Louisana, Mississippi, New York, Ohio and Pennsylvania. Ending stocks for the 2013 - 2014 crop were left unchanged from July at 140 million bushels. USDA increased the estimated ending stocks for the 2014 - 2015 crop to 430 million bushels.
USDA increased the global ending soybean stocks from July for the 2014 -2015 crop to 85.6 million metric ton. USDA made no changes to production in Brazil or Argentina.
The nation's wheat production also increased in the latest report. USDA increased all -wheat production to 2.03 billion bushels. Winter wheat production increased 30 million bushels and spring wheat was raised seven million bushels. The nation's ending stocks also increased for 2014 -2015 to 663 million bushels.
Global ending wheat stocks increased 3.4 million metric ton to 193 million metric ton, which nearly ties with the record. USDA increased wheat production in Russia, China and Ukraine. Wheat consumption is forecast to increase for wheat feeding due to the recent rains that damaged the European Union wheat crop.
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