WASHINGTON, Nov. 9, 2012- Today’s USDA Crop Production report issued by the National Agricultural Statistics Service (NASS) said corn production, forecast at 10.7 billion bushels, is the lowest production in the United States since 2006. This forecast is raised 19 million bushels from October estimates.
Based on conditions as of November 1, yields are expected to average 122.3 bushels per acre, up 0.3 bushel from the October forecast but 24.9 bushels below the 2011 average and “if realized, this will be the lowest average yield since 1995.”
Soybean production is forecast at 2.97 billion bushels and yields are expected to average 39.3 bushels per acre, up 1.5 bushels from last month but down 2.6 bushels from last year.
“Compared with last month, yield forecasts are higher or unchanged across all States except for Oklahoma and Texas,” stated NASS.
All cotton production is forecast at 17.4 million 480-pound bales, up 12 percent from last year. Yield is expected to average 802 pounds per acre, up 12 pounds from last year.
The World Agriculture Supply and Demand Estimates (WASDE) released by WAOB projected U.S. wheat ending stocks for 2012/13 raised 50 million bushels this month. The projected range for the 2012/13 season-average farm price is narrowed 10 cents on both ends to $7.75 to $8.45 per bushel.
“Wheat exports are projected 50 million bushels lower reflecting the slow pace of sales and shipments, and an outlook for increased foreign competition, according to the report issued today,” according to the report.
Global wheat production for 2012/13 is lowered 1.6 million tons, while production is reduced two million tons for Australia “as continued dryness during grain fill in October further reduced yield prospects in western and southeastern growing areas,” stated WASDE.
Projected corn imports are raised 25 million bushels, “reflecting expectations for more shipments, particularly into the southeastern feed market which ordinarily relies heavily on supplies from the eastern Corn Belt,” according to the report.
Projected U.S. sugar supply for fiscal year 2012/13 is increased 613,000 short tons, raw value, compared with last month, due to higher beginning stocks, production, and imports from Mexico.
Soybean exports are raised 80 million bushels to 1.345 billion reflecting larger supplies and the strong pace of sales through October. Prices for soybeans and products are all reduced this month. The U.S. season-average soybean price range is projected at $13.90 to $15.90 per bushel, down 35 cents on both ends of the range.
Global oilseed production for 2012/13 is projected at 462.1 million tons, up 4.4 million tons from last month. Global soybean production accounts for about 75 percent of the increase with larger crops projected the United States and Ukraine.
Cattle prices are raised for both 2012 and 2013, reflecting tight supplies of fed cattle through the end of this year and into 2013.
The 2012 milk production forecast is raised on higher estimated milk per cow in the third quarter, but production forecasts for the remainder of 2012 and 2013 are unchanged from last month.
For the full Crop Production report, click here.
For the full WASDE report, click here.
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