Weather Challenges Reflected in Latest USDA Crop Report
Washington--A challenging weather year for farmers and ranchers all across the country is clearly reflected in today’s crop report released by the Agriculture Department with drops shown in production, stocks and acreage forecasts for corn compared to the May report.
And with the expected drops in both production and supply, USDA is forecasting record prices not only for corn but also for wheat and soybeans. Prices for all three commodities were moved upward from the May estimates due to weather challenges. The cotton price remained the same as the May estimate, but it is still a record.
In its June World Agricultural Supply and Demand Estimates released today, USDA reduced planted corn acres by 1.5 million acres from its March planting intentions survey to 90.7 million acres. USDA is projecting U.S. corn production to be 13.2 billion bushels this year, still a record, but down 305 million bushels from the May estimate.