USDA’s October World Ag Supply and Demand Estimates and Crop Production Reports call for lower U.S. corn and soybean production.
The corn outlook is for reduced supplies, greater feed and residual use, lower exports and corn used for ethanol, and smaller ending stocks. Corn production is forecast at 13.8 billion bushels, down 49 million on a reduction in yield to 171.9 bushels per acre. Corn supplies are forecast at 15.32 billion bushels, with the season-average corn price up five cents to $6.80.
In Indiana, USDA pegs the corn yield at 187 bushels per acre, 8 bushels lower than last year’s yield but 1 bushel higher than last month’s forecast. Total production is expected to be 8% lower than 2021 at 944 million bushels.
U.S. oilseed production is forecasted at 126.9 million tons, down 1.6 million from September.
Soybean production is forecast at 4.3 billion bushels, down 65 million on lower yields now projected at 49.8 bushels. Supplies dropped by 31 million bushels, with the season-average soybean price down 35 cents to $14.00.
Indiana soybean production is expected to total 344 million bushels. USDA projects soybean yield at 59 bushels per acre.
The wheat outlook is for lower supplies, domestic use, exports, and stocks. The season-average farm price rose 20 cents to $9.20.