USDA: Corn production up, soybean down slightly from September

Lester Mason
Октября 13, 2017

Nationally, corn production is forecast at 14.3 billion bushels, down six percent from a year ago, but up slightly from the September forecast. Area to be harvested for grain, at 9.30 million acres, is down 3 percent from a year ago. Yield is expected to average 3.30 tons per acre, slightly from past year.

From a global perspective, corn stocks are down 1.5 million from last month, with foreign corn ending stocks for 2017/18 down, due to declines from China and Mexico. Area for harvest, at 150,000 acres, is down 14 percent from 2016.

Soybean production was estimated at a record 4,431 million bushels, down 422,000 bushels from September but up 135 million bushels, or 3 percent, from 4,296 million bushels past year. Area for harvest, at 5.65 million acres, is 10 percent above 2016. Corn supply remains unchanged despite yield again being raised by nearly a bushel to 171.8.

Dry Edible Bean production is forecast at 4.11 million hundredweight, up 49 percent from 2016. Farmers have harvested over a third of the soybean crop, along with more than a fifth of this year's corn. Corn yield is estimated at 145.0 bushels per acre, unchanged from the September 1 forecast and 8.0 bushels above last year's final yield.

Sugarbeet production is forecast at 1.43 million tons, up 1 percent from 2016.

Traders expect the agency to raise its estimate of the US corn harvest in the reports.

The USDA on Friday reported export sales of US corn in the latest week at 1,593,100 tonnes, well above a range of trade estimates for 800,000 to 1,100,000 tonnes.

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Production of sugarbeets for the 2017 crop year is forecast at 35.7 million tons, down 3 percent from last year.

Soybean production is forecast at 557 million bushels, with a yield of 56 bushels per acre. Based on conditions as of October 1, yields are expected to average 171.8 bushels per acre, up 1.9 bushels from the September forecast but down 2.8 bushels from 2016. Other hay yield is expected to average 1.90 tons per acre, compared with last year's yield of 1.70 tons per acre and the August 1 forecast of 1.90 tons per acre. Planted area is estimated at 2.11 million acres, up 27 percent from 2016.

October's WASDE Report was no exception, as the USDA increased its corn yield forecast beyond expectations while lowering its soybean inventories outlook more than projected.

Nebraska soybean production is forecast at a record 316 million bushels, up 1 percent from a year ago. Acreage for harvest, at 91,000 acres, is up 60,000 acres from 2016. Growers expect to harvest 56,000 acres this year, up 13,000 acres from the 43,000 acres harvested last year.

Alfalfa fourth cutting was 89 percent complete, ahead of the 83 percent past year, and near the 87 percent average.

Production of other hay is forecast at 75.9 million tons, down 1 percent from 2016. All Other Hay production, at 2.96 million tons, is down 8 percent from previous year. Area for harvest, at 770,000 acres, is up 3 percent from a year ago.

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