class="post-template-default single single-post postid-247326 single-format-standard custom-background group-blog header-image full-width singular wpb-js-composer js-comp-ver-5.1.1 vc_responsive"

Corn, Soybean Production Bumped Higher

Corn, Soybean Production Bumped Higher

USDA projects farmers will grow more corn and soybeans than earlier anticipated, bumping up 2017-18 corn production to an estimated 14.255 billion bushels and soybean production to 4.26 billion bushels.

Corn production came in slightly above the highest pre-report estimates while soybean production came in higher than the pre-report average estimate as well.

USDA released the monthly World Agricultural Supply and Demand Estimates on Wednesday as well as crop production projections for wheat. The reports also included updated 2017-18 numbers for corn and soybean production and yields.

Wednesday’s new U.S. ending stocks estimates were bearish for corn and wheat and bullish for soybeans, said DTN Analyst Todd Hultman. World ending stocks estimates were bearish for corn and wheat and neutral for soybeans, he said.

Crop Production: https://www.nass.usda.gov/…

World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…

CORN

Corn production for 2017-18 was projected at 14.255 billion bushels, which is 190 million bushels higher than last month’s production estimate.

Yield was pegged at 170.7 bushels per acre, unchanged from earlier estimates.

USDA raised new-crop beginning stocks by 75 million bushels. USDA raised 2017-18 feed and residual use by 50 million bushels as well, but with the higher production forecast, the 2017-18 ending stocks are estimated at 2.325 billion bushels, up 215 million bushels from earlier forecasts.

The farm-gate price for corn for 2017-18 was projected at an average of $3.30 a bushel, down 10 cents from earlier estimates.

World production was increased by 5 million metric tons and 2017-18 global corn ending stocks were projected at 200.81 mmt, an increase of 6.48 mmt. Global ending stocks were increased based in production and ending stock increases in Vietnam, Mexico and Argentina.

SOYBEANS

Soybean production for 2017-18 was projected at 4.26 billion bushels, a 5-million-bushel increase based on expected increased harvest area. Expected yield was unchanged at 48 bushels per acre.

New-crop beginning stocks were lowered 40 million bushels to 410 million bushels. That lowered total supply for 2017-18 and also lowered ending stocks for new-crop soybeans by 35 million bushels to 460 million bushels.

The farm-gate price for the 2017-18 soybean crop was pegged at an average of $9.40 a bushel, a 10-cent bump from last month’s estimate.

Brazil’s soybean crop was projected at 114 million metric tons, unchanged from last month. Argentina’s soybean crop also was projected at 57.8 million metric tons, also unchanged from June.

WHEAT

USDA raised All-Winter Wheat production to 1.279 billion bushels, up 29 million bushels from the June estimate, coming close to the high end of the pre-report estimate. USDA forecasts the winter wheat yield at 49.7 bushels per acre, up 0.8 bushel from the June estimate. Spring wheat came in at 423 million bushels, slightly higher than the pre-report estimate, but down 21% from last year’s crop.

Durum production was pegged at 57 million bushels, below the low end of the pre-report estimates and down 45% from a year ago.

The average farm-gage price for wheat was pegged at $4.80 a bushel.

U.S. ENDING STOCKS (Million Bushels) 2016-2017
July Avg High Low June 2015-16
Corn 2,370 2,336 2,395 2,275 2,295 1,737
Soybeans 410 434 470 382 450 197
Grain sorghum 53 56 60 52 53 37
Wheat 1,184 1,176 1,184 1,142 1,161 976
U.S. ENDING STOCKS (Million Bushels) 2017-2018
July Avg High Low June
Corn 2,325 2,131 2,444 1,823 2,110
Soybeans 460 483 588 300 495
Grain sorghum 49 30 33 27 29
Wheat 938 879 957 757 924
U.S. CROP PRODUCTION (Million Bushels) 2017-2018
July Avg High Low June 2016-17
Corn 14,255 14,074 14,253 13,595 14,065 15,148
Soybeans 4,260 4,241 4,277 4,078 4,255 4,307
U.S. AVERAGE YIELD (Bushels Per Acre) 2017-2018
July Avg High Low June 2016-17
Corn 170.7 168.9 170.7 165.0 170.7 174.6
Soybeans 48.0 47.8 48.0 46.0 48.0 52.1
WHEAT PRODUCTION (Million Bushels) 2017-2018
July Avg High Low June 2016-17
All Wheat 1,760 1,746 1,834 1,634 1,824 2,310
All Winter Wheat 1,279 1,256 1,281 1,200 1,250 1,672
HRW 758 747 775 693 743 1,082
SRW 306 303 332 295 298 345
White 216 211 222 199 209 245
Spring 423 414 490 305 534
Durum 57 76 90 64 104
WORLD ENDING STOCKS (Million metric tons) 2016-2017
July Avg High Low June 2015-16
Corn 227.51 225.70 228.00 223.00 224.60 212.45
Soybeans 94.78 93.20 94.00 92.50 93.20 77.13
Wheat 255.20 257.00 249.00 256.40 242.57
WORLD ENDING STOCKS (Million metric tons) 2017-18
July Avg High Low June
Corn 200.81 195.20 198.80 190.00 194.30
Soybeans 93.53 92.20 93.00 90.30 92.20
Wheat 256.60 262.00 250.00 261.20
WORLD PRODUCTION (Million Metric Tons) 2016-2017
July Avg. High Low June 2015-16
Corn
Brazil corn 97.0 97.5 99.0 97.0 97.0 67.0
Argentina corn 41.0 40.0 41.0 39.0 40.0 29.0
Soybeans
Brazil soybeans 114.0 114.0 115.0 113.3 114.0 96.5
Argentina soybeans 57.8 57.7 58.0 57.0 57.8 56.8
© 2017 Nebraska Rural Radio Association. All rights reserved. Republishing, rebroadcasting, rewriting, redistributing prohibited. Copyright Information
Share:
Comments