USDA’s May World Agricultural Supply and Demand Estimate report released today includes the first estimates for crop production this year.

Overall, the report is projecting wheat production to be higher and corn and soybeans lower this season. All wheat production is projected at 2,087 million bushels, up 3 percent. Corn production is projected at 13.6 billion bushels, down 586 million from the record 2014/15 crop with a lower forecast area and yield. Soybean production is projected at 3,850 million bushels, down 119 million from the 2014 crop with record harvested area more than offset by lower
yields.

Total corn supply is forecast to be at a record 15.5 billion bushels, and corn utilization is projected at a record 13.8 billion bushels. “These numbers for 2015 reflect the importance we are placing on building profitable demand for corn,” said National Corn Growers Association President Chip Bowling. “They are still an early look at supply and demand, but with two record crops back-to-back and current stocks high, we’re committed to increasing the corn market here and abroad.”

USDA is estimating the average price for corn this marketing year at $3.55 to $3.75 per bushel, with the all wheat season-average farm price projected at $4.50 to $5.50 per bushel, and soybean prices for 2015/16 projected to decline to $8.25 to $9.75 per bushel compared with $10.05 in 2014/15.