USDA Projects Smaller Corn, Soybean Crops

The May World Agricultural Supply and Demand Estimates from the Department of Agriculture projects smaller corn and soybean crops this year. The corn crop is projected at 14.0 billion bushels, down from last year with a lower forecast area and yield. The yield projection of 174.0 bushels per acre is based on a weather-adjusted trend assuming normal planting progress and summer growing season weather. The season-average farm price for corn is projected at $3.30 to $4.30 per bushel, up 40 cents at the midpoint from 2017/18. Meanwhile, the U.S. soybean crop is projected at 4.2 billion bushels, down 112 million from last year's record crop on lower acres and lower yield projections. The 2018/19 U.S. season-average soybean price range is forecast at $8.75 to $11.25 per bushel compared with $9.35 per bushel in 2017/18. USDA upped the 2018/19 U.S. wheat crop five percent at a projected 1.8 billion bushels on higher acres and a slightly higher yield. However, winter wheat yields are below average in the drought-affected states of Kansas, Oklahoma, and Texas. The season-average farm price is projected at a range of $4.50 to $5.50 per bushel.



Nebraska Crop Production Report

Based on May 1 conditions, Nebraska's 2018 winter wheat crop is forecast at 42.6 million bushels, down 9 percent from last year's crop, according to the USDA's National Agricultural Statistics Service. Average yield is forecast at 43 bushels per acre, down 3 bushels from last year. Acreage to be harvested for grain is estimated at 990,000 acres, down 30,000 acres from last year. This would be 93 percent of the planted acres, above last year's 91 percent harvested.

May 1 hay stocks of 720,000 tons are down 45 percent from last year.



Kansas Crop Production Report

Based on May 1 conditions, Kansas's 2018 winter wheat crop is forecast at 270 million bushels, down 19 percent from last year's crop, according to the USDA's National Agricultural Statistics Service. Average yield is forecast at 37 bushels per acre, down 11 bushels from last year. Acreage to be harvested for grain is estimated at 7.30 million acres, up 350,000 acres from last year. This would be 95 percent of the planted acres, above last year's 91 percent harvested.

May 1 hay stocks of 870,000 tons are down 30 percent from last year.

Photo: AgView.net

Story source: USDA-NASS

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