(WASHINGTON D.C.)– A slightly higher corn yield estimate and a slightly lower soybean yield estimate; that according to the latest World Agricultural Supply and Demand Estimates report for October that was released this morning by USDA.
According to the report, the national average U.S. corn yield is expected to be 183.8 bushels per acre (bpa) which is slightly above the September number of 183.6 bpa. Meanwhile, the national average U.S. soybean yield fell slightly from last month’s estimate down to 53.1 bpa. The September estimate was 53.2 bpa.
USDA says overall corn production is forecast at 15.2 billion bushels, up less than 1% from the previous forecast, but down 1% from last year; soybean growers are expected to increase their production 10% from 2023, forecast at 4.58 billion bushels.
For ending stocks, corn came in slightly higher than trade estimates at 1.999 billion bushels. Soybeans were left unchanged from last month at 550 million bushels and wheat ending stocks came in slightly lower than expectations at 812 million bushels. Globally, ending stocks for wheat were a bit higher than expected at 257.72 million metric tons while corn and soybean global stocks mostly matched expectations (306.52 MMT and 134.65 MMT respectively for corn and soybeans).
Russian and European Union wheat production did fall about one million metric ton each and Ukraine production went up about 0.6 mmt on the report. USDA also did not make any changes to corn or soybean production in Brazil or Argentina.
Today’s report also included a production forecast for U.S. cotton. All cotton production is forecast at 14.2 million 480-pound bales, down 2% from the previous forecast, but up 18% from 2023. Based on conditions as of Oct. 1, yields are expected to average 789 pounds per harvested acre, down 18 pounds from the previous forecast and down 110 pounds from 2023. Upland cotton production is forecast at 13.7 million 480-pound bales, down 2% from the previous forecast, but up 16% from 2023. Pima cotton production is forecast at 516,000 bales, down 6% from the previous forecast, but up 63% from 2023. All cotton area harvested is forecast at 8.63 million acres, unchanged from the previous forecast, but up 34% from 2023.
View the full report here: https://www.usda.gov/oce/commodity/wasde
