WASHINGTON, D.C. (RFD News) — USDA’s August outlook tightened major crop projections, led by corn, wheat and cotton. Corn production remains near 16 billion bushels, but the first survey-based yield estimate fell to 180.7 bushels per acre.
Corn exports were raised to 3.3 billion bushels, while ending stocks fell to 1.7 billion. USDA raised the farm price to $4.50. Wheat production slipped to 1.531 billion bushels, with ending stocks down 22 percent from last year and the price raised to $6.20. Soybean production increased to 4.5 billion bushels on higher acreage despite a slightly lower yield. Crush was raised to 2.78 billion bushels, ending stocks increased to 320 million, and the farm price remained $11.40.
Cotton production was cut to 13.61 million bales as yield fell to 798 pounds per acre. Ending stocks declined to 4 million bales, while USDA raised the farm price to 75 cents per pound.
Secondary changes included a reduction in sorghum production and weaker cattle and dairy price outlooks. For row-crop producers, August projections favor corn, wheat and cotton, while soybeans remain balanced between larger supplies and stronger crush demand.
