U.S.D.A. raises corn, soybean crop estimates up 3%

by Ron Sterk
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Source: U.S. Department of Agriculture


WASHINGTON — The U.S. Department of Agriculture in its Sept. 11 Crop Production report forecast U.S. 2014 corn production at 14,395,350,000 bus, up 3% from 14,031,915,000 bus forecast in August and up 3% from 13,925,147,000 bus in 2013. Soybean production was forecast at 3,913,079,000 bus, up 3% from 3,815,679,000 bus forecast in August and up 19% from 3,288,833,000 bus last year.

The U.S.D.A. corn number was above the average pre-report trade estimate of 14,310 million bus. The soybean number also was above the pre-report trade average of 3,882 million bus.

New wheat, oats and barley production estimates are not provided in the September Crop Production report but will be updated in the U.S.D.A.’s Sept. 30 Small Grains Summary.

Corn and soybean futures traded lower after the report.

Based on Sept. 1 conditions, corn yield was forecast at 171.7 bus an acre, up 4.3 bus from 167.4 bus an acre in August and up 12.9 bus from 158.8 bus an acre in 2013, the U.S.D.A. said. Harvested area was forecast at 83,839,000 acres, unchanged from August and from the June Acreage report but down 4% from 87,668,000 acres in 2013.

Source: U.S. Department of Agriculture


Soybean yield was forecast at 46.6 bus an acre, up 1.2 bus from 45.4 bus an acre in August and up 3.3 bus from 43.3 bus an acre in 2013. Harvested area was forecast at 84,058,000 acres, unchanged from August and from June, up 11% from 75,869,000 acres in 2013 and the highest on record.

If realized, corn and soybean production and average yields all would be record high, the U.S.D.A. said.

The U.S.D.A. forecast 2014 sorghum production at 430,144,000 bus, up slightly from 429,294,000 bus in August and up 11% from 389,046,000 bus in 2013. Rice production was forecast at 218,272,000 cwts, down 5% from 228,777,000 cwts in August but up 15% from 189,886,000 cwts in 2013. The peanut crop was forecast at 4,967 million lbs, down 2% from 5,074 million lbs in August but up 19% from 4,174 million lbs in 2013. Cotton production was forecast at 16,538,000 bales, down 5.5% from 17,502,000 bales in August based on administrative acreage revisions, but up 28% from last year, with cotton seed at 5,777,000 tons, unchanged from August and up 37% from 2013.
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