USDA Crop Report Shows Production, Stocks Tightening
Washington--The Agriculture Department’s November crop report released today projects a further tightening of U.S. production and stocks compared to the October report.
Cornproduction is forecast at 12.5 billion bushels, down 1 percent from the October forecast and down 4 percent from last year’s record production of 13.1 billion bushels. As of Nov. 1, yields are expected to average 154.3 bushels per acre, down 1.5 bushels from the previous month and 10.4 bushels below last year’s record of 164.7 bushels.
Crop stocks are projected at low levels across the board. Corn stocks are estimated at 827 million bushels, down about 8.5 percent from the October forecast of 902 million bushels. Soybean stock forecasts of 185 million bushels showed a staggering drop of 30 percent, compared to the October forecast of 265 million bushels of ending stocks.