USDA releases supply and demand estimates for major crops
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WASHINGTON, Feb. 20, 2015 - The following are USDA's supply and demand projections for the major U.S. crops. The estimates were released early today at the department's annual Agricultural Outlook Forum."
CORN: The 2015 corn crop is projected at 13.595 billion bushels, down from a record 14.216 billion bushels last year. Yields are estimated at 166.8 bushels per acre, down from 171 bushels in 2014. Farmers are expected to plant 89 million acres (down from 90.6 million) and harvest 81.5 million acres (down from 83.1 million). Cash prices are seen average $3.50 per bushel for the crop year, down from $3.65.
SOYBEANS: The soybean crop will total 3.8 billion bushels, according to USDA, down from 3.969 billion last year, with yields estimated at 46 bushels per acre, down from 47.8 bushels. The Planted area will be down slightly at 83.5 million acres (from 83.7 million acres), with harvested acres estimated at 82.6 million, compared with 83.1 million in 2014. The average cash price is estimated at $9 per bushel, down from $10.20 in the 2014-15 crop year.
WHEAT: USDA projects an all-wheat crop of 2.125 billion bushels, up from 2.026 billion bushels in the previous year. Planted area is seen at 55.5 million acres (down from 56.8 million) and harvested area at 47 million, up from 46.4 million. Yields will average 45.2 bushels per acre, up from 43.7 bushels. Cash prices for wheat will average $5.10 a bushel, down from $6, USDA estimates.
RICE: The departments projects a rice crop of 218 million hundredweight, down from 221 million hundredweight last year. Planted acreage is seen at 2.9 million down from 2.94 million. Harvested acreage is also expected to decline, to 2.88 million from 2.92 million. Yields will average 7,569 pounds per acre, down slightly from 7,572 pounds. The farm gate price is seen averaging $13.10 per hundredweight, down from $14.
COTTON: Cotton farmers are expected to harvest 14 million bales, down from 16.08 million bales last year, as producers are expected to reduce planted acreage by about 12 percent, USDA said. The farm price for cotton will average 60 cents a pound down from 61 cents, the department said.
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