Harvest is beginning to wrap-up, and the WASDE and Crop Production Reports estimate that yields are still claiming the title of "highest yields on record."
The USDA reports that average U.S. corn yields are 173.4 bu/a, down .8 bushel from the previous reports and up 14.6 bushels from the 2013 average.
"Corn production is forecast 68 million bushels lower, but still a record at 14,407 million bushels. The national average corn yield is reduced 0.8 bushels per acre to 173.4 bushels," states Monday's WASDE. "The projected range for the season-average farm corn price is raised 10 cents on each end to $3.20 to $3.80 per bushel."
"U.S. soybean exports for 2014/15 are raised 20 million bushels to 1,720 million reflecting the record pace of export sales through late October. Soybean crush is raised 10 million bushels to 1,780 million mostly due to increased soybean meal exports. Domestic soybean meal consumption is reduced slightly in line with changes in the 2013/14 balance sheet. Soybean ending stocks are projected at 450 million bushels, unchanged from the previous forecast," according to the WASDE.
Soybean yield estimates were expected to land at 47.5 bushels per acre vs. last month's yields of 47.3 bushels an acre and 2013's 44 bu/acre.
"Global coarse grain consumption for 2014/15 is lowered 1.1 million tons. Corn use is lowered for China, but raised for EU, Ukraine, and Mexico. Corn imports are lowered for EU, China, and Japan, but raised for Iran and South Korea. Corn exports are lowered for Argentina and Brazil, but raised for Ukraine. World corn ending stocks are projected 0.9 million tons higher with the U.S. reduction more than offset by increases for Mexico, Brazil, Ukraine, China, and Argentina," says the WASDE.
