AUGUST WASDE CROP RECAP

USDA is forecasting a record high corn yield and soybean production for 2018. This month’s 2018/19 U.S. corn outlook is for larger supplies, greater feed and residual use, increased exports, and larger ending stocks. Corn production is forecast at 14.6 billion bushels, up 356 million from the July projection. The season’s first survey-based corn yield forecast, at a record 178.4 bushels per acre, is 4.4 bushels higher than last month’s trend-based projection. The season-average corn price was projected at a range of $3.10 to $4.10 per bushel. Soybean production is forecast at 4.5 billion bushels, up 276 million on higher yields. The first survey-based soybean yield forecast of 51.6 bushels per acre is 3.1 bushels above last month and 2.5 bushels above last year. The U.S. season-average soybean price for 2018/19 is forecast at $8.90 per bushel at the midpoint, down 35 cents from last month. Finally, the outlook for wheat this month is lower supplies, greater use, and reduced stocks. Wheat production was lowered four million bushels to 1.8 billion. The projected season-average farm price range is $4.60 to $5.60 per bushel.

From NAFB News Service