2020 Domestic Corn Crop Expected to Set Record

WASHINGTON, DC – USDA released its latest World Agricultural Supply and Demand Estimates on Tuesday morning. According to the World Agricultural Outlook Board (WAOB), the initial outlook for U.S. wheat is for smaller supplies, decreased domestic use, lower exports, and reduced stocks. Supplies are decreased by 121 million bushels from 2019/20 on lower carry-in stocks and smaller production. The U.S. wheat crop is projected at 1,866 million bushels, down 3 percent from last year on lower yields offsetting higher harvested acreage. The all-wheat yield is projected at 49.5 bushels per acre, down 2.2 bushels from last year.

The U.S. feed-grain outlook is for record-high production and domestic use, greater exports, and larger ending stocks. The corn crop is projected at a record 16.0 billion bushels, up from last year on the increased area and a return to trend yield. The yield projection of 178.5 bushels per acre is based on a weather-adjusted trend assuming normal planting progress and summer growing season weather, estimated using the 1988-2019 time period.

The outlook for U.S. soybeans is for higher supplies, crush, exports, and lower ending stocks compared to last year. The soybean crop is projected at 4.125 billion bushels, up 568 million from last year on the increased harvested area and trend yields.

The U.S. cotton forecasts include larger beginning stocks, consumption, exports, and ending stocks compared with the year before. Production is forecast at 19.5 million bales, 400,000 bales less than the year before, based on 13.7 million planted acres as indicated in the NASS March Prospective Plantings report.