WASHINGTON (DTN) — U.S. soybean farmers produced an even larger record soybean crop as USDA increased production to 4.269 billion bushels and increased yield to a projected 51.4 bushels per acre.
Corn and soybean production in the monthly World Agricultural Supply and Demand Estimates came in close to the pre-report averages as both crops still remain records. Corn production was pegged at 15.057 billion bushels with a yield of 173.4 bushels per acre.
USDA also slightly lowered new-crop ending stocks for corn while increasing ending stocks for soybeans and wheat.
USDA’s U.S. ending stocks estimates are neutral for corn, soybeans and wheat, according to DTN Analyst Todd Hultman. World estimates are bullish for corn, bearish for soybeans and neutral for wheat, he said.
Crop Production: https://www.nass.usda.gov/…
World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…
Production was lowered slightly to 15.1 billion bushels, which is still a record and 11% higher than the 2015 crop. Yield was lowered to 173.4 bushels per acre, but also still remains at a record level. Acreage harvested was pegged at 86.8 million acres, up 8% from 2015.
USDA stated record yields for corn were expected from Idaho, Illinois, Iowa, North Dakota, South Carolina, Washington and Wisconsin.
Matching the pre-report average analyst estimate, USDA lowered new-crop corn ending stocks to 2.32 billion bushels, down from a September projection of 2.384 billion bushels.
Globally, world corn ending stocks came in at 216.8 million metric tons, which are 2.7 million tons lower than last month’s report but the global corn stocks are still projected to be a record high.
USDA raised the farm price an average of 5 cents a bushel with the price range from $2.95 to $3.55 per bushel.
Nebraska corn had an expected yield of 181 bu/acre, down 3 bu/acre with expected production of 1.719 billion bushels. Kansas yield was pegged at 147 bu on expected production of 712 million. Iowa yields estimated at 198 bu/a, up 2 bushels with expected production of 2.673 billion bushels.
Production is pegged at a record 4.27 billion bushels as USDA increased production from the September report by 68 million bushels. Yield is projected at 51.4 bushels per acre and also was bumped up 0.8 bushel from the September report. Harvested acres are pegged at a record 83 million acres as well, up 2% from 2015.
Citing reasons for the yield bump, USDA noted higher pod counts in 11 major soybean-producing states. USDA stated record yields also were forecast in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.
USDA raised new-crop ending stocks by 30 million bushels to 395 million bushels, which was below the pre-report average estimate. Ending stocks were raised largely because of a bump in the production total.
Global soybean production is projected at a record 333.2 million metric tons, up 2.8 million from last month’s report. Higher production was forecast for the U.S., Brazil and Canada, which offset some reductions in Russia.
USDA held steady on soybean farm prices with a range from $8.30 per bushel to $9.80 per bushel for an average of $9.05 a bushel.
Nebraska soybean yields were estimated at 61 bu/a, up 2 from the September report on production of 314 million bushels. Kansas soybeans were up 1 at 45 bu/a on 180 million bushels of production while Iowa soybeans 58 bu/a, same as Sep 1 on production of 551 million bushels.
Ending stocks were raised 38 million bushels as reduced supplies were also offset by lower use. USDA lowered wheat feed and residual use by 70 million bushels. Exports were bumped up by 25 million bushels with USDA citing increased competitiveness of U.S. wheat.
Globally, wheat ending stocks came in at 248.4 million metric tons, down 0.7 million metric tons from last month, but still representing record levels for the crop. The stocks still were slightly below the average analysts’ expectations.
The U.S. farm-gate price for wheat was increased 10 cents a bushel with a price range from $3.50 to $3.90 per bushel.
Editor’s note: Join DTN Senior Analyst Darin Newsom at 12 p.m. CDT Wednesday for an in-depth look at the latest USDA Supply and Demand and Crop Production estimates. Register now at: http://goo.gl/…
|U.S. CROP PRODUCTION (Million Bushels) 2016-2017|
|U.S. AVERAGE YIELD (Bushels Per Acre) 2016-2017|
|U.S. HARVESTED ACRES (Million Acres) 2016-2017|
|U.S. ENDING STOCKS (Million Bushels) 2016-2017|
|WORLD ENDING STOCKS (Million Metric Tons) 2016-2017|
|WORLD PRODUCTION (Million Metric Tons)|
|FSU – 12 wheat||131.4||131.4||117.7||117.7|
|European Union wheat||143.2||145.3||160.0||160.0|
Lincoln, NE – Based on October 1 conditions, Nebraska’s 2016 corn production is forecast at a record high 1.72 billion bushels, up 2 percent from last year, according to the USDA’s National Agricultural Statistics Service. Acreage harvested for grain is estimated at 9.50 million acres, up 4 percent from a year ago. Average yield is forecast at 181 bushels per acre, down 4 bushels from last year.
Soybean production in Nebraska is forecast at a record high 314 million bushels, 3 percent above last year. Area for harvest, at 5.15 million acres, is down 2 percent from 2015. Record yield is forecast at 61 bushels per acre, up 3 bushels from a year ago.
Sorghum production of 15.1 million bushels is down 34 percent from a year ago. Area for grain harvest of 170,000 acres is down 29 percent from last year. Yield is forecast at 89 bushels per acre, down 7 bushels from last year.
Dry Edible Bean production is forecast at 2.96 million hundredweight, down 5 percent from 2015. Area for harvest, at 130,000 acres, is down slightly from last year. Yield is estimated at 2,280 pounds per acre, down 100 pounds per acre from last year.
Sugarbeet production is forecast at 1.52 million tons, up 15 percent from 2015. Area for harvest, at 47,000 acres, is up slightly from last year. Record yield is estimated at 32.4 tons per acre, up 4 tons per acre from a year ago.
All Sunflower production is forecast at 53.7 million pounds, down 32 percent from last year. Acreage for harvest, at 39,000 acres, is down 5,500 acres from 2015. Yield is forecast at 1,377 pounds per acre, down 407 pounds per acre from a year ago. Of the acres for harvest, non-oil sunflowers account for 12,000 acres and oil sunflowers account for 27,000 acres.
Alfalfa hay production, at 3.04 million tons, is down 11 percent from the 2015 crop. Area for harvest, at 800,000 acres, is down 6 percent from a year ago. Yield, at 3.80 tons per acre, is down 0.20 ton from 2015.
All Other Hay production, at 3.06 million tons, is up 3 percent from 2015. Area for harvest, at 1.80 million acres, is down 3 percent from a year ago. Record yield, at 1.70 tons per acre, is up 0.10 ton from last year.