U.S. farmers will harvest a slightly smaller soybean crop than previously forecast, while the corn crop will be slightly larger than anticipated, according to USDA’s Crop Production report today. In its monthly Supply and Demand report, also released today, USDA lowered projected U.S. 2021-22 corn ending stocks while raising soybean ending stocks less than expected. The following expectations are based on surveys by Reuters (Bloomberg for cotton):
2021 U.S. Production | ||
Corn | ||
Production | Yield | |
USDA | 15.062 | 177.0 |
Average est. | 15.050 | 176.9 |
USDA Oct. est. | 15.019 | 176.5 |
Soybeans | ||
| Production | Yield |
USDA | 4.425 | 51.2 |
Average est. | 4.484 | 51.9 |
USDA Oct. est. | 4.448 | 51.5 |
Cotton | ||
Production | Yield | |
USDA | 18.198 | 880 |
Average est. | 18.040 | NA |
USDA Oct. est. | 18.004 | 871 |
U.S. Carryover | |
Corn – billion bushels | |
2021-22 | |
USDA | 1.493 |
Average est. | 1.480 |
USDA October | 1.500 |
Soybeans – million bushels | |
2021-22 | |
USDA | 340 |
Average est. | 362 |
USDA October | 320 |
| |
Wheat – million bushels | |
2021-22 | |
USDA | 583 |
Average est. | 581 |
USDA October | 580 |
Cotton – million bales | |
2021-22 | |
USDA | 3.40 |
Average est. | 3.16 |
USDA October | 3.20 |
Global Carryover | |
Corn – MMT | |
| 2021-22 |
USDA | 304.42 |
Average est. | 298.76 |
USDA October | 301.74 |
Soybeans – MMT | |
| 2021-22 |
USDA | 103.78 |
Average est. | 100.72 |
USDA October | 104.57 |
Wheat – MMT | |
| 2021-22 |
USDA | 275.80 |
Average est. | 280.82 |
USDA October | 277.18 |
Cotton – million bales | |
| 2021-22 |
USDA | 86.93 |
Average est. | 86.50 |
USDA October | 87.13 |