January 29, 2020

Ag Economy; Farm Bill; Budget; and, Immigration

Agricultural Economy

A news release yesterday from USDA’s National Agricultural Statistics Service (NASS) stated that, “U.S. corn growers are expected to produce a record-high 13.8 billion bushels of corn in 2013, according to the Crop Production report issued today by [NASS]. The forecast production is up 28 percent from drought-hit 2012” [related graph].

The release noted that, “Also, with 64 percent of U.S. corn crop rated in good to excellent condition as of August 4, corn crop condition remains significantly higher than at this time last year. Based on these conditions, NASS forecasts this year’s corn yield at 154.4 bushels per acre, the third-highest yield on record.”

Yesterday’s NASS update added that, “U.S. soybean production is forecast at 3.26 billion bushels in 2013, up 8 percent from last year [related graph]. NASS forecasts 76.4 million acres of soybeans for harvest this year. If realized, this will be the second largest harvested acreage on record…[B]ased on August 1 conditions, soybean yields are expected to average 42.6 bushels per acre, up 3 bushels from 2012.”