The American Farm Bureau Federation says Friday’s crop report from USDA presents a mixed bag of projections on top crops grown by the nation’s farmers.
A record production for the nation’s soybean crop, 3.8 billion bushels, is forecast, based on record yield of 45.2 bushels per acre.
Ending stocks for old-crop soybeans were increased to a projected 415 million bushels. If realized, this would be the highest level of soybean carryover since the 2006-2007 marketing year.
“Globally, the estimate for soybeans supplies also increased, due to larger U.S. production as well as larger projected crops in Russia and Ukraine,” said John Anderson, deputy chief economist with AFBF.
The report increased 2013-14 corn ending stocks to 1.8 billion bushels because of lowered use for livestock feed. The 2014 corn crop is expected to come in at 13.86 billion bushels, slightly less than the prior year, based on projected yield of 165.3 bushels per acre. Strong demand from foreign markets coupled with continued steady use for feed and ethanol production is expected to consume about 13.34 billion bushels by the end of the 2014-15 marketing year.
Wheat production estimates were increased in this month’s report, both for the U.S. and globally.
“Provided moderate temperatures and moisture prevail, growers should bring in a good corn crop,” said Anderson. “Any late-planted corn and soybeans will need the advantage of temperate weather conditions as the growing season continues and we look toward fall with its ever-present possibility of an early frost."