USDA forecasts record production in 2016

Aug 15, 2016

Corn and soybean farmers expected to have bountiful harvest

By Diego Flammini
Assistant Editor, North American Content
Farms.com

If corn and soybean farmers keep up their current production, it will be a record harvest for both crops, the USDA reports.

According to the Department of Agriculture, growers are expected to increase corn production by 11 per cent from 2015.

“U.S. corn production is forecast at 15.2 billion bushels,” the USDA said. “Average corn yield is forecast at 175.1 bushels per acre, setting a new record high.”

The USDA’s National Agricultural Statistics Service predicts record yields in 10 of the largest corn-producing states, including Iowa, Illinois and Nebraska.

The USDA expects soybeans to follow suit and have a record yield of its own.

“Soybean growers are expected to harvest 4.06 billion bushels in 2016,” the Department said. “Soybean yields are expected to average 48.9 bushels per acre, reaching another record-high mark.”

The USDA expects record soybean yields from Illinois, Iowa, Missouri, Nebraska and Wisconsin.

Not to be outdone, winter wheat is expected to have a successful harvest.

“Growers are expected to harvest 1.66 billion bushels of winter wheat this year, up 21 per cent from 2015,” said the USDA.

The total U.S. wheat yield is forecasted at 52.6 bushels per acre, up nine bushels from 2015.

Video: Is China Buying US Soybeans + USDA Nov 14th Crop Report could be “Game Changing”

After a week of a U.S./China trade truce, markets/trade is skeptical that we have not seen a signed agreement nor heard much from China or seen any details. There are rumors that China is buying soybean futures & not the physical. Trust in Trump?
12 MMT of U.S. soybean purchases by China by year-end is better than 0 but we all need to give it more time and give it a chance to unfold. China did lower the tariffs on Ag and is buying U.S. wheat and sorghum.
U.S. supreme court could rule against Trumps tariffs, but the Trump administration does have a plan B.
U.S. government shutdown is now the longest in history at 38 days.
But despite a U.S. government shutdown we will be getting a USDA November crop report next Friday and it could be “game changing.” If the USDA provides a bullish surprise with lower U.S. corn and soybean yields and ending stocks that are lower than expected both corn and soybean futures will break out above their ceilings at $4.35/bu and $11.35/bu respectively.
The funds continued their selling in live and feeder cattle futures on continued fears that the Trump administration want to lower U.S. beef prices. The fundamentals have not changed, only market psychology has.
Stocks markets continue to worry about a weak U.S. job market, but you can blame ChatGPT for that. In the future, we will have a more efficient, productive and growing economy with a higher unemployment rate until we have more skilled AI workers.
After 34 new record highs in the S & P 500 and 124 new records in the NASDAQ in 2025 we are back to a correction and investor profit taking as AI valuations may have gotten too stretched near-term ahead of NVDA’s 3rd quarter earnings announcement on Nov. 19th. But this is not an AI bubble.
75% of Tesla shareholders approved a $1 trillion pay package for Elon Musk!
It has rained in South America in the last 7 days, but both the American and European models agree that Central Brazil remains dry in the next 14-days!

Rain on its way to Ontario

Saskatchewan farmers solve stolen-tractor mystery