The USDA released a lot of data that producers have been waiting for on Friday.
Corn for 2018 was estimated at 14.4 billion bushels. That's down 1% from 2017. The average yields were also lowered for last year at 176.4 bushels per acre. That's slightly below the 2017 record yield of 176.6 bushels per acre.
Soybeans for last year totaled 4.54 billion bushels. That's up 3% from the previous year. The average yield per acre was 51.6 bushels. That's up 2.3 bushels from 2017, but down from USDA's last guess, based on yield reductions for North Dakota, South Dakota and Nebraska. Despite all the anticipation surrounding these reports, experts say there are not a lot of surprises in these numbers. AgDay's Clinton Giffiths talked on Facebook live with Joe Vaclavik of Standard Grain. You can hear more of that interview below. To read the complete 2018 Crop Production report click here.
For Corn, USDA put the pile at 1.735 billion bushels. That's down from the more than 2.14 billion bushels in storage last year. Soybean ending stocks also fell on lower production. It came in at 910 million bushels, which is down from USDA's last forecast of 955 million but still more than double last year. Wheat ending stocks are now topping 1.01 billion bushels. That's an increase from December on less demand for feed and seed domestically. For more, read the latest WASDE report here.
Winter Wheat Seedings
Since it was a late harvest season, many farmers were late getting the winter wheat crop planted. USDA is reporting winter wheat is expected to total 31.3 million acres. That's down 4% from 2018. It represents the second-lowest acreage on record. Seedings, which began in early September, fell behind the 5-year average seeding pace in early October and remained that way during the whole planting season due to bad weather. Much of the crop finally went in by the middle of November. Read that report here.
From a global standpoint, USDA is calling for higher corn stocks, fewer soybeans, and more wheat as it makes adjustments in a whole host of categories. For wheat, it raised production by more than 1.3 million tons on increases from Russia and South America. Corn production was forecast higher on increase from Argentina, China and Ukraine. While global soybean production fell by 8.2 million tons on falling yields in South America and South Africa. USDA also lowered its soybean export expectations by 25 million bushels shipments to China. Read that report here.
Brazil Crop Estimates
The USDA also lowered its estimates for the Brazilian soybean crop by 5 million tons to 117 mmt. That's due to dryness in parts of the South and Center-West regions.
China Soybean Demand
The USDA cut its soybean demand by 3.5 mmt. It now stands at 106.1 mmt.