Corn forecast drops in October; soybeans, cotton up

Washington, D.C.-USDA’s National Agricultural Statistics Service on Oct. 12 forecast U.S. corn production at 10.9 billion bushels, down 2 percent from last month and 2005. Citing better-than-expected yields in the Eastern Cornbelt, along with reduced yield potential in the Central and Western Cornbelt due to summer heat and drought, NASS forecast average corn yields at 153.5 bushels/acre, down 1.2 bushels from September, but 5.6 bushels higher than last year and the second highest on record, trailing only 2004. NASS’s soybean production forecast for October came in at 3.19 billion bushels, up 3 percent from the September forecast and up 4 percent from the 2005 crop. If realized, this would be the highest production on record, NASS said, with average yields expected at 42.8 bu/a, up 1 bushel from the September forecast, but down 0.2 bushels from last year’s record high yield. U.S. cotton production was forecast at 20.7 million 480-pound bales, up 2 percent from last month, but down 14 percent from last year’s record high production. Average cotton yields were predicted at 774 pounds/acre, up 12 pounds from last month, but down 57 pounds from last year. Other highlights from the report included sorghum production at 301 million bushels, down 1 percent from last month and down 24 percent from last year; rice production at 192 million cwt, down 1 percent from the September forecast and down 14 percent from last year; sunflower production at 2.11 billion pounds, down 47 percent from 2005, but 3 percent above 2004; peanut production at 3.27 billion pounds, down 33 percent from last year, but up 2 percent from last month; canola production at 1.22 billion pounds, down 23 percent from 2005; dry edible bean production at 23.8 million cwt for 2006, up 2 percent from August, but 13 percent below last year; sugar beet production at 32.9 million tons, 2 percent above the September forecast and 20 percent above last year’s production; and tobacco production at 734 million pounds, down 1 percent from September, but 13 percent above 2005, the first year without quotas. All U.S. tobacco production is expected to be 17 percent below 2004, however, which was the last year tobacco was under the quota system.