The USDA has raised its 2015 U.S. corn and soybean production estimates.
As of November 1st, corn production is projected at 13.654 billion bushels, up slightly from October, but down 4% from the 2014 record. Average yield is expected to be 169.3 bushels per acre, also up on the month and down on the year. If realized, it’d be the second largest average yield and third highest production number on record. Harvested area was left unchanged at 80.664 million acres.
Soybeans are seen at 3.981 billion bushels, with an average yield of 48.3 bushels per acre. Those are both up from a month ago and a year ago. Harvested area was steady at 82.429 million acres.
The USDA also raised 2015/16 domestic ending stocks for corn, soybeans, and wheat. Wheat is now pegged at 911 million bushels, compared to 861 million a month ago and 753 million in 2014/15. Corn is estimated at 1.760 billion bushels, compared to 1.561 billion in October and 1.731 billion in the November 2014 update. Soybeans are projected at 465 million bushels, compared to 425 million last month and 191 million last year.
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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. |