UPDATE: USDA Reports Largest Soybean Crop Ever, as Stocks Grow

November 9, 2018 02:38 PM
 
 

The U.S. Department of Agriculture says farmers are expected to harvest the largest soybean crop on record, but they have to deal with a constricted market in which to sell their crop because of the administration's tariff battle with China. New crop production numbers were released on Thursday.  Corn remains on track to have the highest yield and the second highest production on record.  USDA is forecasting the average corn yield at 178.9 bushels per acre. That's down 1.8 bushels from October, but still up 2.3 bushels from last year. The cut to production was largely due to falling yields in Iowa, Minnesota, Illinois and South Dakota. As for soybeans, USDA is calling for an average yield of 52.1 bushels per acre. That's down 1.0 from last month. We also have new cotton numbers. Production is forecasted at 18.4 million 480 pound bales. That's down 7% from October, but yield is expected to average 852 pounds per harvested acres, off 49 pounds from last month and down 53 pounds from last year. The other side of the report shows stocks are continuing to grow. Corn ending stocks are 1.736 billion bushels. That's down 77 million bushels from last month. Corn exports are reduced 25 million bushels based on expectations of increased competitions from Ukraine. As for soybeans, U.S. Soybean stocks are projected at 955 million bushels. That up 70 million from last month. USDA reduced exports on lower imports projected for China.

Related links:

USDA Crop Production Report

World Agriculture Supply and Demand Estimates

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Comments

 
Spell Check

Jason
West Point, NE
11/9/2018 03:27 PM
 

  Amazing how most of the elevators in our area emptied out expecting a HUGE soybean and corn crop, harvest almost complete and empty piles and empty bins tell the real story!!!! Wind, hail and to much water does not make record crops. USDA is full of it, just like China all of a sudden found all of their misplaced corn from the last 10 years!! Tired of the funds and government screwing up the so called free market, enjoy the economy when the farmer has no money to spend.

 
 
will
henley, NJ
11/12/2018 08:35 AM
 

  so if Chinese tariffs on Soy Beans are 25% and prices were 1050 approx. before tariff related selloff, why wouldn't demand from China be evident at 25 % lower from 1050....800 give or take?

 
 
Susan Berg, M.D.
Fairbanks, AK
11/10/2018 08:39 PM
 

  Dear USDA: Thank you for all of your online emails from NSF, and USDA. I enjoy reading all of them! I noticed additional food items at the grocery store and I hope that there are a lot of great new products from soy beans and corn, too! Thank you!

 
 

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