The much-anticipated Aug. 10 USDA Crop Report estimated this year’s total U.S. corn production at nearly 14.6 billion bushels, which would be a decrease of less than 1 percent from 2017. The expected corn harvest compares to the record 15.2 billion bushels in 2016, 14.2 billion bushels in 2014, and 13.9 billion bushels in 2013. The USDA estimates the total corn acreage at 81.8 million acres, unchanged from July estimates, but down 1 percent from 82.7 million acres in 2017 and well below the 86.7 million acres of harvested corn in 2016. The report projects a record average corn yield at 178.4 bushels per acre. If achieved, this would be the third consecutive year for a record to be set. In 2017, it was 176.6 bushels per acre, and in 2016, it was 174.6 bushels per acre. The USDA estimates Minnesota’s average corn yield at 191 bushels per acre, which is three bushels below the state record of 194 bushels per acre set in 2017. Iowa’s projected corn yield is for 202 bushels per acre, which would be the same as the 2017 yield and just less than the record of 203 bushels per acre in 2016. The Aug. 10 report estimates total U.S. soybean production at a record of nearly 4.59 billion bushels, an increase of 4 percent from a year ago. In 2017, U.S. farmers produced 4.39 billion bushels. The USDA estimates 88.9 million acres of soybeans will be harvested, slightly less than the record 89.5 million acres last year. The projected average soybean yield is 51.6 bushels per acre, which surprised grain-trading experts and exceeded even the highest private yield estimate. This number compares to 49.1 bushels per acre in 2017 but is short of the record of 52.1 bushels per acre set in 2016. Minnesota’s average soybean yield is estimated at 49 bushels per acre, which compares to 47 bushels per acre in 2017 and the record of 52.5 bushels in 2016. Iowa is projected to have a soybean yield of 59 bushels per acre, compared to 56.5 bushels per acre in 2017 and the record of 60.5 bushels per acre in 2016. The USDA also released its World Supply and Demand Estimates on Aug. 10. It included this year’s estimated U.S. corn production and showed a slight increase in the 2018-19 corn ending stocks, compared to the July estimate. It also showed a slight increase in expected corn usage for feed and exports in 2018-19. The USDA is projecting an average on-farm corn price for the 2018-19 marketing year, Sept. 1 through Aug. 31, 2019, ranging from $3.10 to $4.10 per bushel, with an average expected price of $3.60 per bushel. The August estimated average corn price is down 20 cents from the July estimates. The 2017-18 national average corn price, which will be finalized on Sept. 30, is now estimated at $3.40 per bushel, which compares to $3.36 per bushel for 2016-17, $3.61 per bushel for 2015-16, and $3.70 per bushel for 2014-15. The USDA is estimating 2017-18 soybean ending stocks at 430 million bushels, compared to the 2016-17 ending stocks of 302 million bushels. The average on-farm soybean price for the 2018-19 marketing year is expected to be from $7.65 to $10.15 per bushel, with an average expected price of $8.90. The August estimated 2017-18 soybean price was lowered by 35 cents per bushel from the July estimate. The 2017-18 final national average soybean price is estimated at $9.35 per bushel. That price was $9.47 per bushel in 2016-17, $8.95 per bushel in 2015-16, and $10.10 per bushel in 2014-15.

The much-anticipated Aug. 10 USDA Crop Report estimated this year’s total U.S. corn production at nearly 14.6 billion bushels, which would be a decrease of less than 1 percent from 2017.

The expected corn harvest compares to the record 15.2 billion bushels in 2016, 14.2 billion bushels in 2014, and 13.9 billion bushels in 2013.

The USDA estimates the total corn acreage at 81.8 million acres, unchanged from July estimates, but down 1 percent from 82.7 million acres in 2017 and well below the 86.7 million acres of harvested corn in 2016.

The report projects a record average corn yield at 178.4 bushels per acre. If achieved, this would be the third consecutive year for a record to be set. In 2017, it was 176.6 bushels per acre, and in 2016, it was 174.6 bushels per acre.

The USDA estimates Minnesota’s average corn yield at 191 bushels per acre, which is three bushels below the state record of 194 bushels per acre set in 2017. Iowa’s projected corn yield is for 202 bushels per acre, which would be the same as the 2017 yield and just less than the record of 203 bushels per acre in 2016.

The Aug. 10 report estimates total U.S. soybean production at a record of nearly 4.59 billion bushels, an increase of 4 percent from a year ago. In 2017, U.S. farmers produced 4.39 billion bushels. The USDA estimates 88.9 million acres of soybeans will be harvested, slightly less than the record 89.5 million acres last year.

The projected average soybean yield is 51.6 bushels per acre, which surprised grain-trading experts and exceeded even the highest private yield estimate. This number compares to 49.1 bushels per acre in 2017 but is short of the record of 52.1 bushels per acre set in 2016.

Minnesota’s average soybean yield is estimated at 49 bushels per acre, which compares to 47 bushels per acre in 2017 and the record of 52.5 bushels in 2016. Iowa is projected to have a soybean yield of 59 bushels per acre, compared to 56.5 bushels per acre in 2017 and the record of 60.5 bushels per acre in 2016.

The USDA also released its World Supply and Demand Estimates on Aug. 10. It included this year’s estimated U.S. corn production and showed a slight increase in the 2018-19 corn ending stocks, compared to the July estimate. It also showed a slight increase in expected corn usage for feed and exports in 2018-19.

The USDA is projecting an average on-farm corn price for the 2018-19 marketing year, Sept. 1 through Aug. 31, 2019, ranging from $3.10 to $4.10 per bushel, with an average expected price of $3.60 per bushel. The August estimated average corn price is down 20 cents from the July estimates. The 2017-18 national average corn price, which will be finalized on Sept. 30, is now estimated at $3.40 per bushel, which compares to $3.36 per bushel for 2016-17, $3.61 per bushel for 2015-16, and $3.70 per bushel for 2014-15.

The USDA is estimating 2017-18 soybean ending stocks at 430 million bushels, compared to the 2016-17 ending stocks of 302 million bushels.

The average on-farm soybean price for the 2018-19 marketing year is expected to be from $7.65 to $10.15 per bushel, with an average expected price of $8.90. The August estimated 2017-18 soybean price was lowered by 35 cents per bushel from the July estimate. The 2017-18 final national average soybean price is estimated at $9.35 per bushel. That price was $9.47 per bushel in 2016-17, $8.95 per bushel in 2015-16, and $10.10 per bushel in 2014-15.

Thiesse is a farm management analyst and senior vice president at MinnStar Bank, Lake Crystal, Minn.

Thiesse is a farm management analyst and senior vice president at MinnStar Bank, Lake Crystal, Minn.

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