USDA: Crop Production Report Release

Corn Production Down Less Than 1 Percent from September Forecast
Soybean Production Down 1 Percent
Cotton Production Down Less Than 1 Percent
Orange Production Down 10 Percent from Last Season

Corn production is forecast at 13.6 billion bushels, down 5 percent from last year's record production and down less than 1 percent from the September forecast. Based on conditions as of October 1, yields are expected to average 168.0 bushels per acre, up 0.5 bushel from the September forecast but down 3.0 bushels from 2014. If realized, this will be the second highest yield and third largest production on record for the United States. Area harvested for grain is forecast at 80.7 million acres, down less than 1 percent from the September forecast and down 3 percent from 2014. Acreage updates were made in several States following a thorough review of all available data.

Soybean production is forecast at 3.89 billion bushels, down 1 percent from September and down 1 percent from last year. Based on October 1 conditions, yields are expected to average 47.2 bushels per acre, up 0.1 bushel from last month but down 0.3 bushel from last year. Area for harvest in the United States is forecast at 82.4 million acres, down 1 percent from September and down slightly from last year. Acreage updates were made in several States based on a thorough review of all available data.

All cotton production is forecast at 13.3 million 480-pound bales, down less than one percent from last month and down 18 percent from last year. Yield is expected to average 784 pounds per harvested acre, down 54 pounds from last year. Upland cotton production is forecast at 12.9 million 480-pound bales, down 18 percent from 2014. Pima cotton production, forecast at 451,000 bales, was carried forward from last month.

The United States all orange forecast for the 2015-2016 season is 5.77 million tons, down 10 percent from the 2014-2015 final utilization. The Florida all orange forecast, at 80.0 million boxes (3.60 million tons), is down 17 percent from last season's final utilization. Early, midseason, and Navel varieties in Florida are forecast at 40.0 million boxes (1.80 million tons), down 16 percent from last season's final utilization. The Florida Valencia orange forecast, at 40.0 million boxes (1.80 million tons), is down 19 percent from last season's final utilization.

The California Valencia orange forecast is 9.50 million boxes (380,000 tons), unchanged from last season's final utilization. The California Navel orange forecast is 43.0 million boxes (1.72 million tons), unchanged from the previous forecast but up 9 percent from last season's final utilization. The Texas all orange forecast, at 1.68 million boxes (72,000 tons), is up 16 percent from last season's final utilization.

Florida frozen concentrated orange juice (FCOJ) yield forecast for the 2015-2016 season is 1.61 gallons per box at 42.0 degrees Brix, up 7 percent from last season's final yield of 1.50 gallons per box. Projected yield from the 2015-2016 non-Valencia and Valencia varieties will be published in the January Crop Production report. All projections of yield assume the processing relationships this season will be similar to those of the past several seasons.

Source: USDA