Federal report shows Iowa corn and bean crops missing records

Federal report shows Iowa corn and bean crops missing records”

CBOT December soft red winter wheat last traded up 1-1/4 cents at $4.31-3/4 per bushel, K.C. December hard red winter wheat was last up 1-1/4 cents at $4.27-1/2 while MGEX December spring wheat was up 2-1/2 cents at $6.13-3/4.

Wheat stockpiles were estimated at 960 million bushels, easily topping the average analyst estimate of 944 million and the prior forecast for 933 million bushels.

The USDA's soybean yield outlook, meanwhile, was unexpectedly lowered to 49.5 bushels an acre from 49.9 bushels a month. That was based on a yield of 171.8 bushels per acre, up from a month earlier. An estimated 2.95 million acres will be harvested for grain.

Production of alfalfa and alfalfa mixture dry hay for 2017 is forecast at 56.0 million tons, down less than 1 percent from the August forecast and down 4 percent from 2016.

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For soybeans, the 2017 harvest in 18 states is ahead of last year on average with 43% harvested this year compared to 41% in 2016.

A new report predicts this year's corn and soybean harvests in Iowa will fall short of records set last year. All other hay production, at 2.72 million tons, is up 3 percent from a year ago.

The US Dept. of Agriculture in its October 12 Crop Production report estimated 2017 US production of corn at 14,280 million bushels, up 96 million bushels, or 1 percent, from 14,184 million bushels forecast in September but down 868 million bushels, or 6 percent, from record outturn of 15,148 million bushels in 2016. All sunflower yield is expected to average 1,295 pounds per acre, up 2 pounds per acre from a year ago.

Soybean production was estimated at a record 4,431 million bushels, down 422,000 bushels from September but up 135 million bushels, or 3 percent, from 4,296 million bushels past year. The next corn and soybean production forecasts will be released on November 9. Analysts expect the government to raise its estimates of the US soybean yield and harvested acreage. Area for harvest, at 5.65 million acres, is 10 percent more than in 2016. Yield of 3.30 tons per acre, is down 1.0 ton from 2016. Yield is forecast at 1,333 pounds per acre, down 158 pounds per acre from a year ago. Area for harvest, at 2.36 million acres, is down 20 percent from 2016. Harvested area is forecast at 2.03 million acres, 30 percent above the previous year. Yield of 1.60 tons per acre, is down 0.1 ton from 2016. The average United States yield is forecast at 1,737 pounds per acre, a decrease of 105 pounds from 2016.

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