In its fourth round of 2014 crop estimates, the U.S. Department of Agriculture (USDA) has revised its estimate for U.S. corn production slightly downward to 14.407 billion bushels from a previous October production estimate of 14.475 billion bushels, and lowered ending stocks to 2.008 billion bushels from 2.081 billion bushels. The department also raised its estimate for U.S. soybean production to 3.958 billion bushels – an increase of less than 1% from its previous October estimate but approaching the once-thought unattainable 4 billion bushel mark. Ending stocks for soybeans are now estimated to be 450 million bushels. As a result of the bumper crop, the department has also raised its crushing and export forecasts by a combined 30 million bushels in a good sign for processors and exporters. Over the long term, strong demand is expected to support prices while helping to alleviate overly-high ending stocks going into 2015/16. Corn yields are expected to be a record 173.4 bushels per acre with 22 states expected to post new yield marks, and the 10 primary growing states showing record high numbers of ears. For soybean, pod counts are up in eight of the 11 published states compared to 2013, and 15 states are set to post record high yields. To read further, including expected U.S. wheat output:
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service