USDA released the World Agricultural Supply and Demand Estimates (WASDE) report and crop production information on Thursday morning.
The U.S. corn outlook is for larger production and beginning stocks and increased ending stocks. Corn production is projected 195 million bushels higher for 2019-20 based on increased planted and harvested areas from the June acreage report. Corn beginning stocks were raised 145 million bushels, reflecting lower use forecasts for 2018-19.
Soybean beginning stocks are reduced with higher 2018-19 residual use more than offsetting lower crush and seed use. Soybean production for 2019-20 is projected at 3.845 billion bushels, down 305 million based on lower planted and harvest area in the June acreage report and on lower projected yields. Harvested area, forecast at 79.3 million acres, is down 4.5 million from last month.
Winter wheat production is forecast at 1.29 billion bushels, up a percent from the June 1 forecast and up nine percent from 2018. As of July 1, the U.S. yield is forecast at 51.8 bushels per acre, up 1.3 bushels from last month and up 3.9 bushels from last year’s average yield of 47.9. The area expected to be harvested for grain or seed totals 24.9 million acres, unchanged from the acreage report released last month but up a percent from last year.
When it comes to Illinois crop production, the winter wheat harvested area in 2019 is forecast at 590,000 acres, up 30,000 from the previous year. The winter wheat yield in the state is forecast at 63 bushels per acre, down three bushels from 2018. Production is forecast at 37.2 million bushels up a percent from last year.