Corn, soybean crop estimates increased by 3%

by Meat&Poultry Staff
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WASHINGTON — The US Department of Agriculture in its Sept. 11 Crop Production report forecast US 2014 corn production at 14,395,350,000 bushels, up 3 percent from 14,031,915,000 bushels forecast in August and up 3 percent from 13,925,147,000 bushels in 2013. Soybean production was forecast at 3,913,079,000 bushels, up 3 percent from 3,815,679,000 bushels forecast in August and up 19 percent from 3,288,833,000 bushels last year.

The USDA corn number was above the average pre-report trade estimate of 14,310 million bushels. The soybean number also was above the pre-report trade average of 3,882 million bushels.

New wheat, oats and barley production estimates are not provided in the September Crop Production report but will be updated in the USDA’s Sept. 30 Small Grains Summary.

Corn and soybean futures traded lower after the report.

Based on Sept. 1 conditions, corn yield was forecast at 171.7 bushels an acre, up 4.3 bushels from 167.4 bushels an acre in August and up 12.9 bushels from 158.8 bushels an acre in 2013, the USDA said. Harvested area was forecast at 83,839,000 acres, unchanged from August and from the June Acreage report but down 4 percent from 87,668,000 acres in 2013.

Soybean yield was forecast at 46.6 bushels an acre, up 1.2 bushels from 45.4 bushels an acre in August and up 3.3 bushels from 43.3 bushels an acre in 2013. Harvested area was forecast at 84,058,000 acres, unchanged from August and from June, up 11 percent from 75,869,000 acres in 2013 and the highest on record.

If realized, corn and soybean production and average yields all would be record high, the USDA said.

The USDA forecast 2014 sorghum production at 430,144,000 bushels, up slightly from 429,294,000 bushels in August and up 11 percent from 389,046,000 bushels in 2013. Rice production was forecast at 218,272,000 cwts, down 5 percent from 228,777,000 cwts in August but up 15 percent from 189,886,000 cwts in 2013. The peanut crop was forecast at 4,967 million lbs., down 2 percent from 5,074 million lbs. in August but up 19 percent from 4,174 million lbs. in 2013.

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