With planters still rolling across the Midwest, USDA released projections Thursday of the 2018-19 crop year for major grain crops. The National Agricultural Statistics Service (NASS) expects U.S. farmers will produce 14 billion bushels of corn this year, based on a national average yield of 174 bushels an acre.
Corn carryover for the 2018-19 marketing year is pegged at 1.6 billion bushels.
USDA estimates the 2018 soybean crop in the U.S. will reach 4.2 billion bushels with an average yield of 48.5 bushels an acre.
New crop ending stocks for 2018-19 are projected at 415 million bushels of soybeans.
USDA also expects U.S, farmers will harvest the smallest winter wheat crop in more than a decade. Amid ongoing drought in the central plains and a global surplus of wheat that has depressed prices, NASS is forecasting the 2018 wheat crop at 1.19 billion bushels. If realized, that would be down 6 percent from the previous year.
In the accompanying video, Pro Farmer Newsletter Brian Grete sorts through the data which showed a big drop in the global corn supplies.