USDA Cuts Output Forecasts Across Soybeans, Corn, and Wheat
In its latest Crop Production report issued on November 8, the USDA cut its forecasts for U.S. soybean, corn, and wheat production for 2019. Corn production is now expected to be 13.661 billion bushels - down five percent from 2018. Average corn yields are forecast to be 167 bushels per acre, a decline of 9.4 bushels per acre compared to last year, and harvested corn acreage is projected to be 81.815 million acres - a slight increase year-on -year. U.S. soybean production is forecast to be 3.55 billion bushels - a significant decline of 20 percent compared to last year’s output. Average yields are expected to be 46.9 bushels per acre, down 3.7 bushels per acre compared to 2018, and harvested acreage is expected to be 75.626 million acres - a 14 percent decline year-on-year.
Spring wheat production is expected to come in at 562.38 million bushels, or 10 percent below last year, while durum wheat output is forecast to be 53.756 million bushels, a serious decline of 31 percent compared to last season.
If realized, U.S. corn production will be the lowest since 2015, when output was 13.602 billion bushels, and U.S. soybean production will be the lowest since 2013, when output stood at 3.357 billion bushels.
.png)