US 2014 corn crop up 1% from 2013

by Ron Sterk
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2014 corn production and yield.

WASHINGTON — US 2014 corn production was forecast at 14,031,915,000 bushels, up 1 percent from 13,925,147,000 bushels in 2013, the US Department of Agriculture said in its Aug. 12 Crop Production report. Soybean production was forecast at 3,815,679,000 bushels, up 16 percent from 3,288,833,000 bushels last year. All-wheat production was forecast at 2,029,638,000 bushels, up 2 percent from 1,991,703,000 bushels in July but down 5 percent from 2,129,695,000 bushels in 2013.

The USDA corn number was below the average pre-report trade estimate of 14,239 million bushels. The soybean number also was below the pre-report average of about 3,823 million bushels. The all-wheat number was above the average analyst estimate of 2,013 million bushels.

Corn, wheat and soy complex futures traded lower after the report.

Based on Aug. 1 conditions, corn yield was forecast at 167.4 bushels an acre, up 8.6 bushels from 158.8 bushels an acre in 2013, the USDA said. Harvested area was forecast at 83,839,000 acres, unchanged from the June Acreage report but down 4 percent from 87,668,000 acres in 2013.

2014 soybean production and yield.

Soybean yield was forecast at 45.4 bushels an acre, up 2.1 bushels from 43.3 bushels an acre in 2013. Harvested area was forecast at 84,058,000 acres, unchanged from June, up 11 percent from 75,869,000 acres in 2013 and the highest on record.

If realized, corn and soybean production and yields would be record high, the USDA said. It was the first USDA survey-based forecast of the season for corn and soybeans.

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