Markets see a lump coming at harvest.
- Corn Production Up 11 Percent from 2015
- Soybean Production Up 3 Percent from 2015
- Cotton Production Up 23 Percent from 2015
- Winter Wheat Production Up 2 Percent from July Forecast
Straight from USDA's release:
Both U.S. corn and soybean growers are expected to harvest record-high crops this year, according to the Crop Production report issued today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). U.S. corn production is forecast at 15.2 billion bushels, while soybean growers are expected to harvest 4.06 billion bushels in 2016.
Aided by excellent field conditions, corn growers are expected to increase their production by 11 percent from the 2015 harvest. Average corn yield is forecast at 175.1 bushels per acre, setting a new record-high. NASS forecasts record-high yields in 10 of the largest corn-producing states, including Iowa, Illinois, and Nebraska. Acres planted to corn, at 94.1 million, remain unchanged from the NASS’ previous estimate. As of July 31, crop progress report showed 76 percent of this year’s corn crop was rated in good or excellent condition.
U.S. soybean growers also took advantage of the favorable weather conditions and are forecast to increase their production by 3 percent from 2015. Soybean yields are expected to average 48.9 bushels per acre, reaching another record-high mark. Just as with corn, the acres planted to soybeans remain unchanged from the June estimate. Record soybean yields are expected in Illinois, Iowa, Missouri, Nebraska, and Wisconsin. Growers are forecast to harvest 83.0 million acres of soybeans this year.
Wheat production is forecast at 2.32 billion bushels, up 13 percent from 2015. The increase is especially due primarily to winter wheat. Growers are expected to harvest 1.66 billion bushels of winter wheat this year, up 21 percent from 2015. Durum wheat production is forecast at 91.7 million bushels, up 11 percent from last year. All other spring wheat production is forecast at 571 million bushels, down 5 percent from 2015. Based on August 1 conditions, the U.S. all wheat yield is forecast at 52.6 bushels per acre, up 9 bushels from last year. Yields for winter wheat, Durum, and other spring wheat, are all forecast to set record-high yields at 54.9 bushels per acre, 44.1 bushels per acre, and 48.3 bushels per acre, respectively.
Today’s report also included the first production forecast for U.S. cotton. NASS forecasts all cotton production at 15.9 million 480-pound bales, up 23 percent from last year. Yield is expected to average 800 pounds per harvested acre, up 34 pounds from last year.
NASS interviewed more than 22,000 producers across the country in preparation for this report. The agency also conducted field and lab measurements on corn, soybeans, wheat and cotton in the major producing states, which usually account for about 75 percent of the U.S. production. NASS is also gearing up to conduct its September Agricultural Survey, which will focus on wheat, barley, oats and rye growers. That survey will take place during the first two weeks of September.
The Crop Production report is published monthly and is available online at www.nass.usda.gov.