Smaller Corn and Soybean Crops, Larger Cotton Harvest

WASHINGTON, DC – USDA’s National Agricultural Statistics Service (NASS) is predicting smaller corn and soybean crops in 2019 while a larger cotton crop compared to last year. With the release of their October Crop Production Report on Thursday, NASS expects a 4 percent drop in the domestic corn crop; a 20 percent smaller soybean crop and an 18 percent larger cotton crop. Specifically, U.S. corn farmers should see 13.8 billion bushels from an average yield of 168.4 bushels per acre while soybeans should yield 3.55 billion bushels this season on 46.9 bushels per acre. The cotton crop will see smaller yields – 833 pounds per acre – but with 23 percent more acres planted, a 21.7 million bale crop. USDA’s latest World Agricultural Supply and Demand Report (WASDE) also forecasts average prices to be received by farmers in 2019. Prices for corn, soybeans, and sorghum will all be higher this year than in the past year, while cotton prices are expected to plummet. For corn, USDA suggests $3.80, an increase of 19 cents over last year and 44 cents more than in 2017. Sorghum prices will be 15 cents higher compared to 2018, at $3.40 per bushel, and 18 cents more than in 2017. The price received for soybeans will be 52 cents higher in 2019 than last year, but at $9.00 per bushel, it will be 33 cents below 2017. Finally, for cotton, U.S. farmers will experience a 12.5 cent drop over last year and a dime less than two years ago if projections for 58 cents at harvest time hold. The outlook for wheat is cut too, by 18.5 million bushels, for a final crop of just under 2 billion bushels and the season-average farm price has lowered a dime to $4.70 per bushel.