A little bit more corn and a lot more soybeans compared to last year is what USDA is forecasting in the latest report out today.

U.S. soybean producers are expected to produce a record 3.82 billion bushels in 2014, up 16 percent from last year according to the Crop Production report issued today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). Growing conditions were conducive for corn growers who are also expected to produce a record-high crop at 14.0 billion bushels of corn, up 1 percent from 2013 which was also a record at the time.

Due to the increased production, the average farm price was lowered a dime from its July estimate, to a range of $3.55 to $4.25 per bushel, which National Corn Growers Association President Martin Barbre says makes it important to keep demand moving forward. “Now is not the time for our federal policymakers to be cutting into the ethanol standard, imposing undue regulations or going slow on trade agreements,” said NCGA President Martin Barbre. “Our farmers are doing their part, working hard and smart on their farms to bring in a good crop. It’s time Washington removed obstacles and cleared a path so we can sell America’s biggest and most versatile crop at a good and fair price.”

More cotton is also expected in the first production forecast for this year from USDA. Cotton production is forecast at 17.5 million 480-pound bales, up 36 percent from last year’s 12.9 million bales. Area planted to Upland cotton is up 10 percent from last year, while harvested Upland cotton area is expected to be up 37 percent from 2013. Expected harvested area of Pima cotton at 175,900 acres is down 12 percent from last year.

Wheat production is forecast up two percent from the July forecast but down five percent from 2013.

Brian Basting of Advance Trading discussed the new production report, as well as the new WASDE report on the Minneapolis Grain Exchange crop call this morning.
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