USDA releases May crop report

USDA on Tuesday released the May Supply/demand and WASDE reports, putting this year’s U.S. corn average yield at 178.5 bushels per acre. This would produce 15.995 billion bushels if realized.

When it comes to U.S. ending stocks, old crop corn is pegged at 2.098 billion bushels compared to the trade expectation of 2.22 billion bushels and the April estimate of 2.092 billion. New crop corn estimates are 3.318 billion bushels versus the trade expectation of 3.38 billion bushels.

The U.S. soybean ending stocks from 2019-20 are estimated at 580 million bushels with the trade expecting 488 million and a 480 million April estimate. New crop soybean ending stocks are pegged at 405 million bushels for the 2020-21 marketing year compared with trade expectations of 430 million.

U.S. farmers are expected to produce 1.25 billion bushels of winter wheat this year, according to the Crop Production report released by the USDA’s National Agricultural Statistics Service (NASS). In NASS’ first winter wheat production forecast for 2020, production is expected to decrease 4% from 2019. As of May 1, the U.S. yield is expected to average 51.7 bushels per acre, down 1.9 bushels from last year’s average of 53.6 bushels per acre. Record yields are expected in California and Montana.

Hard Red Winter production is forecast at 733 million bushels, down 12% from a year ago. Soft Red Winter, at 298 million bushels, is expected to increase 24% from 2019. White Winter, at 224 million bushels, is down 3% from last year. Of the White Winter production, 16.2 million bushels are Hard White and 207 million bushels are Soft White.

Illinois Crop Production update:

Winter wheat: Harvested area in 2020 is forecast at 530,000 acres, down 20,000 acres from the previous year. The winter wheat yield is forecast at 72 bushels per acre, up 5 bushels from 2019. Production is forecast at 38.2 million bushels, up 4 percent from last year.