USDA RAISES FORECAST FOR CORN YIELDS

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(Posted Thu. Sep 12th, 2013)

Sept. 12: U.S. farmers remain on track to produce a record corn crop if forecasts hold, according to U.S. Department of Agriculture estimates released today. The projected harvest raised to 13.8 billion bushels as the second survey-based yield forecast rose to 155.3 bushels per acre. If realized, U.S. corn farmers would exceed the production record set in 2009 of 13.09 billion bushels.

 

“Despite a variety of less-than-optimal growing conditions across the Corn Belt, farmers worked doggedly to grow the best crop possible,” said National Corn Growers Association President Pam Johnson, a farmer from Floyd, Iowa. “Using cutting-edge technology and consistently improving practices, American farmers today operate at a level unimaginable only a few decades prior. As harvest quickly approaches, we continue to hope that conditions hold strong and eagerly prepare to get the crop out of the field and into the bins.”

 

Total production projections were raised from last month by 80 million bushels to 13.8 billion bushels total. The projected yield was also raised by 0.9 bushels per acre to 155.3 bushels per acre, reflecting reports from field surveys. Notably, if achieved, this would be the third highest national average corn yield on record.

 

Corn beginning stocks projections were lowered by 58 million bushels and projected imports were lowered by five million bushels. With projected corn use unchanged, the carryout projection forecast rose by 18 million bushels. The season-average farm price, now projected ten cents lower at each end to $4.40 to $5.20 per bushel, remains down sharply from the record $6.70 to $7.10 the prior year.

 

For the full report, click here.

 

For a state-by-state analysis of how forecasts changed over the past month, click here.