Farms.com Team
USDA Released a series of reports today, the crop yield production estimates and the grain stocks report moved the corn futures higher.
The USDA has lowered the 2015 crop estimate for corn, while raising the projection for soybeans.
As of September 1st, this year’s U.S. corn crop is seen at 13.585 billion bushels, compared to 13.686 billion in August, with an average yield of 167.5 bushels per acre, compared to 168.8 a month ago. Harvested area was left at 81.101 million acres. If realized, it’d still be the second highest average yield and third largest crop on record. In 2014, U.S. corn production totaled 14.216 billion bushels with an average yield of 171.0 bushels per acre and harvested area of 83.136 million acres.
Soybeans are pegged at 3.935 billion bushels, compared to 3.916 billion last month, with an average yield of 47.1 bushels per acre, compared to 46.9 in August. Harvested area held at 83.549 million acres. In 2014, U.S. soybean production was 3.969 billion bushels with an average yield of 47.8 bushels per acre and harvested area of 83.601 million acres.
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World Agricultural Supply and Demand Estimates Report (WASDE)
The World Agricultural Outlook Board (WAOB) serves as USDA’s focal point for economic intelligence and the commodity outlook for U.S. and world agriculture. The Board coordinates, reviews, and approves the monthly World Agricultural Supply and Demand Estimates (WASDE) report, houses OCE's Joint Agricultural Weather Facility, and coordinates USDA's Agricultural Outlook Forum. |