USDA reported this morning that corn production fell slightly below the ag agency’s September forecast and soybean production is 9% higher than it estimated last month.
According to USDA, corn production is forecast at 10.7 billion bushels, down slightly from the September forecast and down 13% from 2011. This represents the lowest production in the United States since 2006. Based on conditions as of October 1, yields are expected to average 122.0 bushels per acre, down
0.8 bushel from the September forecast and 25.2 bushels below the 2011 average. If realized, this will be the lowest average yield since 1995. Area harvested for grain is forecast at 87.7 million acres, up less than 1% from the September forecast and up 4% from 2011.
Soybean production is forecast at 2.86 billion bushels, up 9% from September but down 8% from last year. Based on October 1 conditions, yields are expected to average 37.8 bushels per acre, up 2.5 bushels from last month but down 4.1 bushels from last year. Compared with last month, yield forecasts are higher or unchanged across all States. Area for harvest in the United States is forecast at 75.7 million acres, up 1% from September and up 3% from last year.
All cotton production is forecast at 17.3 million 480-pound bales, up 1% from last month and up 11% from last year. Yield is expected to average 795 pounds per acre, up 5 pounds from last year. Upland cotton production is forecast at 16.6 million 480-pound bales, up 13% from 2011. Pima cotton production, forecast at 657,000 bales, was carried forward from last month.