USDA’s Oct. 11 Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports adjusted the U.S. corn production forecast to 14.8 billion bushels in 2018, down slightly from the September forecast but up 1 percent from last year. Based on conditions as of Oct. 1, corn yields are expected to average 180.7 bushels/acre, down 0.6 bushel from the September forecast but up 4.1 bushels from 2017.
If realized, USDA said this will be the highest yield and second highest corn production on record for the U.S. The near-record production comes despite a drop in harvested area from last year, with USDA estimating 81.8 million harvested acres this fall, down 1 percent from 2017.
Soybean production is forecast at a record 4.69 billion bushels, down slightly from September but up 6 percent from last year. Based on Oct. 1 conditions, USDA said soybean yields are expected to average a record 53.1 bushels/acre, up 0.3 bushel from last month and a full 3.8 bushels higher than last year’s average.
Harvested soybean area in the U.S. was estimated at 88.3 million acres, down 1 percent from September and down 1 percent from 2017.
All cotton production in the U.S. is forecast at 19.8 million 480-pound bales, up less than 1 percent from September but down 6 percent from last year. Cotton yields are expected to average 901 pounds/harvested acre, up 6 pounds from last month but down 4 pounds from last year. Harvested area for all cotton is expected to total 10.5 million acres, down less than 1 percent from September but down a full 5 percent from 2017.
Total wheat production was raised to 1,884 million bushels, up 7 million bushels from USDA’s Sept. 28 Small Grains Summary report.
USDA’s latest season average farm price estimates for major commodities included corn at $3.00-$4.00 per bushel; soybeans at $7.35-$9.85 per bushel; cotton at $0.69-$0.72 per pound; and wheat at $4.80-$5.40 per bushel.
The 2018/19 rice crop production forecast was reduced 0.7 million cwt to 218.8 million cwt, with USDA citing lower yield estimates, which fell to 7,539 pounds per acre, down 24 pounds per acre from last report. The all rice season-average farm price remained at $11.20-$12.20 per cwt, unchanged from last report.