WASHINGTON, Feb. 21, 2014 – In its first forecasts for 2014, USDA is projecting record corn and soybean crops and slightly smaller wheat production, with lower prices for all three commodities. Here is the summary for the major crops.

-CORN: Production seen at record 13.985 billion bushels, up about 0.4 percent from 13.925 billion in 2013, despite planted acreage falling to 92 million from 95.4 million, as yields rise to 165.3 bushels per acre from 158.8 bushels.  Ending stocks are projected at 2.111 billion bushels, up from 1.481 billion, as supplies were rebuilt during 2013-2014. The average farm-gate price will drop to $3.90 per bushel from $4.50. Corn used in ethanol production will be unchanged, at 5 billion bushels.

-SOYBEANS:  A record harvest of 3.550 billion bushels is forecast, up from 3.289 billion, as planted acreage rises to 79.5 million from 76.5 million, “with relative prices and net returns favoring soybeans over corn.” Yields will increase to 45.2 bushels per acre from 43.3 bushels. The per-bushel cash price will drop to $9.65 from $12.70.

-WHEAT: All-wheat production will rise slightly to 2.160 billion bushels from 2.130 billion in 2013-2014. Planted acreage will be down, at 55.5 million, from 56.2 million, and yields are expected to fall to 45.8 bushels per acre from 47.2 bushels. Prices will average $5.30 a bushel, down from $6.80.

To see the USDA’s complete forecast for corn, soybeans, wheat and rice , click here.

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