Crop Production Estimates Revised by USDA

By CnAgri Print

Last week's USDA Crop Production report issued by the National Agricultural Statistics Service showed that 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.

Agri-Pulse reports that 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.

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.

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.

Meanwhile, cattle prices are raised for both 2012 and 2013, reflecting tight supplies of fed cattle through the end of this year and into 2013.