(Posted Fri. Aug 10th, 2018)
U.S. total corn production was projected to reach 14.6 billion bushels for 2018/19 with a national average yields forecast to reach 178.4 bushels per acre, a new record, according to the World Agricultural Supply and Demand Estimates released today by the U.S. Department of Agriculture. This is the first report of the year based on actual survey results rather than the previous 174.0 bushels trend yield used in earlier WASDE projections.
Yield projections were forecast to surpass those from the previous year in Illinois, Indiana, Nebraska, Ohio, North Dakota and South Dakota. While yields in Iowa are forecast to remain approximately the same as the previous year, lower yields are projected in Missouri, Minnesota and Kansas.
Based on the new yield estimates, American farmers are projected to produce a total corn crop of 14.58 billion bushels in 2018, the third-highest production number on record if achieved.
Feed and residual use and export demand were higher than those projected in July due to a larger crop with lower expected prices and increased international competitiveness respectively. Average farm price was decreased by 20 cents at the midpoint to a range of between $3.10 and $4.10 per bushel.
For the full report, click here.