Corn and Soybean Forecasts Higher

Cindy ZimmermanCorn, Cotton, Soybeans, USDA

usda-logoThe November crop forecast from USDA has increased this year’s corn and soybean production expectations, but lowered cotton and citrus.

Corn production remains lower than last year’s record but is up slightly in this month’s forecast at 13.7 billion bushels with yields expected to average 169.3 bushels per acre, up 1.3 bushels from the October forecast. If realized, this will be the second highest yield and third largest production on record for the United States.

Soybean production is forecast at a record 3.98 billion bushels, up 2 percent from October and up 1 percent from last year and yields are expected to average 48.3 bushels per acre, up 1.1 bushels from
last month.

The cotton production forecast dropped only slightly to 13.3 million 480-pound bales, which is 19 percent less than last year. And the all orange forecast for the 2015-2016 season at 5.50 million tons is down another five percent from the previous forecast, now 14 percent lower than the 2014-2015 final utilization.