Since I know how much this kind of information affects so many of you (me too) I thought you might want to see the latest USDA crop forecast information. Remember that you can hear an analysis of it each month from the Minneapolis Grain Exchange podcast. Of course if you subscribe to the USDA NASS news feed you might already know this.
U.S. farmers are expected to produce the largest corn crop in history in 2007, according to the Crop Production report released today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). Corn production is forecast at 13.1 billion bushels, 10.6 percent above the previous record of 11.8 billion bushels set in 2004.
Based on conditions as of August 1, corn yields are expected to average 152.8 bushels per acre, up 3.7 bushels from last year. This would be second highest corn yield on record, behind the 160.4 bushels per acre produced in 2004. Growers are expected to harvest 85.4 million acres of corn for grain, the most since 1933 and 14.8 million more acres than last year.
Yield forecasts are higher than last year across the Great Plains, central Corn Belt and Delta. Meanwhile, hot, dry conditions led to lower expected yields across much of the northern and eastern Corn Belt, Ohio Valley, Tennessee Valley, Southeast and Atlantic Coast.
NASS forecasts 2007 soybean production at 2.63 billion bushels, down 18 percent from last year’s record high of 3.19 billion bushels. Yields are expected to average 41.5 bushels per acre, down 1.2 bushels from last year.
All cotton production is estimated at 17.3 million 480-pound bales, down 20 percent from last year’s 21.6 million bales. Yield is expected to average 783 pounds per harvested acre, down 31 pounds from 2006.
All wheat production, at 2.11 billion bushels, is up 17 percent from 2006, with yield forecast at 40.6 bushels per acre, up 1.9 bushels from last year.