U.S. Corn and Soybean Crops Shrink, Cotton Expands

(WASHINGTON, DC) The Crop Production report issued Thursday by USDA’s National Agricultural Statistics Service (NASS) is forecasting a lower soybean and corn crop this year compared to last year. Soybean production is expected to be 19 percent lower (3.68 billion bushels) while corn production is forecast to be four percent less (13.9 billion bushels) than in 2018. Farmers are expected to harvest 75.9 million acres of soybeans, or four percent less than estimated in June and 14 percent less than last year with yields averaging 48.5 bushels per acre (down 3.1 bushels). Average corn yields could be 169.5 bushels per acre, down 6.9 bushels from last year as NASS suggested producers planted 90 million acres this season. Wheat production is forecast at 1.98 billion bushels, up 5 percent from 2018 with growers expected to produce 1.33 billion bushels of winter wheat this year, or 12 percent more than 2018. The report also included the first production forecast for U.S. cotton. NASS predicts all cotton production at 22.5 million bales, a 23 percent year over year increase, though yields are expected to average 855 pounds per harvested acre (9 pounds less than 2018).