The Crop Production Report came out today (Thursday, August 10), predicting a record-high soybean production. As you know, it’s the first time USDA gives out its yield estimates based on surveys. Do you think they’ve come in about where you expected?
U.S. farmers are expected to produce a record-high soybean crop this year, according to the Crop Production report issued today by the USDA’s National Agricultural Statistics Service. Up 2 percent from 2016, soybean production is forecast at 4.38 billion bushels, while corn growers are expected to decrease their production by 7 percent from last year, forecast at 14.2 billion bushels.
Up 7 percent from last year, area for soybean harvest is forecast at a record 88.7 million acres with planted area for the nation estimated at a record-high 89.5 million acres, unchanged from the June estimate. Soybean yields are expected to average 49.4 bushels per acre, down 2.7 bushels from last year. Record soybean yields are expected in Delaware, Georgia, Kentucky, Missouri, Mississippi, Pennsylvania, and South Carolina.
Average corn yield is forecast at 169.5 bushels per acre, down 5.1 bushels from last year. If realized, this will be the third highest yield and production on record for the United States. NASS forecasts record-high yields in Alabama, Louisiana, Michigan, Mississippi, New York, Pennsylvania, and South Carolina. Acres planted to corn, at 90.9 million, remain unchanged from NASS’ previous estimate. As of July 30, 61 percent of this year’s corn crop was reported in good or excellent condition, 15 percentage points below the same time last year.
Wheat production is forecast at 1.74 billion bushels, down 25 percent from 2016. Growers are expected to produce 1.29 billion bushels of winter wheat this year, down 23 percent from last year. Durum wheat production is forecast at 50.5 million bushels, down 51 percent from last year. All other spring wheat production is forecast at 402 million bushels, down 25 percent from 2016. Based on August 1 conditions, the U.S. all wheat yield is forecast at 45.6 bushels per acre, down 7 bushels from last year. Today’s report also included the first production forecast for U.S. cotton. NASS forecasts all cotton production at 20.5 million 480-pound bales, up 20 percent from last year. Yield is expected to average a record-high 892 pounds per harvested acre, up 25 pounds from last year.