USDA released a lot of numbers on July 11th pertaining to farming conditions in the United States. A lot of numbers were thrown out today, but Indiana is now exporting both corn/soybean around the world in bigger numbers compared to ten years ago. USDA projected nice yields this year (Corn 165.3 bpa and Soybeans 45.2 bpa) but in reality this should come with major warning labels. Heavy rains in the cornbelt in June(beginning of pollination) have mostly meant lower yields come harvest.
Soybean production is projected at a record 3,800 million bushels, up 165 million due to increased harvested area. Harvested area, forecast at 84.1 million acres in the June 30 Acreage report, is 3.6 million above the June forecast. The soybean yield is projected at 45.2 bushels per acre, unchanged from last month. Soybean supplies are 180 million bushels above last month’s forecast due to higher beginning stocks and production. Soybean crush is projected at 1,755 million bushels, up 40 million reflecting increased domestic soybean meal disappearance in line with adjustments for 2013/14 and higher
Corn production is projected 75 million bushels lower based on harvested acres from the June 30 Acreage report. The national average corn yield remains projected at a record 165.3 bushels per acre. Favorable early July crop conditions and weather support an outlook for record yields across most of the Corn Belt, however, for much of the crop, the critical pollination period will be during middle and late July. At the projected 13,860 million bushels, this year’s crop remains just 65 million bushels below last year’s record.