USDA Crop Production Report

• Corn Production Up Less Than 1 Percent from September Forecast
• Soybean Production Up Slightly
• Cotton Production Down 2 Percent
• Orange Production Up 3 Percent from Last Season

Corn production is forecast at 14.5 billion bushels, up less than 1 percent from the previous forecast and up 4 percent from 2013. Based on conditions as of October 1, yields are expected to average 174.2 bushels per acre, up 2.5 bushels from the September forecast and 15.4 bushels above the 2013 average. If realized, this will be the highest yield and production on record for the United States. Area harvested for grain is forecast at 83.1 million acres, down 1 percent fromthe September forecast and down 5 percent from 2013. Acreage updates were made in several States following a thorough review of all available data.

Soybean production is forecast at a record 3.93 billion bushels, up slightly from September and up 17 percent from last year. Based on October 1 conditions, yields are expected to average a record high 47.1 bushels per acre, up 0.5 bushel
from last month and up 3.1 bushels from last year. Area for harvest in the United States is forecast at a record 83.4 million acres, down less than 1 percent from September but up 9 percent 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 16.3 million 480-pound bales, down 2 percent from last month but up 26 percent from last year. Yield is expected to average 790 pounds per harvested acre, down 31 pounds from last year. Upland cotton production is forecast at 15.7 million 480-pound bales, up 28 percent from 2013. Pima cotton production, forecast at 578,000 bales, was carried forward from last month.

The United States all orange forecast for the 2014-2015 season is 6.96 million tons, up 3 percent from the 2013 - 2014 final utilization. The Florida all orange forecast, at 108 million boxes (4.86 million tons), is up 3 percent fromlast season’s final utilization. Early, midseason, and Navel varieties in Florida are forecast at 52.0 million boxes (2.34 million tons), down 2 percent from last season’s final utilization. The Florida Valencia orange forecast, at 56.0 million boxes (2.52 million tons), is up 9 percent from last season’s final utilization. In Florida, citrus growing
conditions were ideal from the beginning of the citrus bloom to the start of the 2014-2015 season harvest. The California Navel orange harvest is getting underway.
Florida frozen concentrated orange juice (FCOJ) yield forecast for the 2014-2015 season is 1.60 gallons per box at 42.0 degrees Brix, up 2 percent from last season’s final yield of 1.57 gallons per box. Projected yield from the 2014-2015
Early-Midseason 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.

For the WASDE: Corn: Projected U.S. corn use for 2014/15 is raised 50 million bushels on higher expected feed and residual disappearance driven by the larger crop, higher projected meat production, and the lower price outlook. Corn ending stocks are raised 79 million bushels to 2,081 million. The projected range for the season-average farm price is lowered 10 cents on each end to $3.10 to $3.70 per bushel.

Soybean: U.S. oilseed production for 2014/15 is projected at 116.3 million tons, up 0.1 million from last month. Soybean production is forecast at a record 3,927 million bushels, up 14 million with improved yields more than offsetting reduced harvested area. The soybean yield is projected at 47.1 bushels per acre, up 0.5 bushels from September. Harvested area is reduced 0.7 million acres to 83.4 million. Soybean supplies for 2014/15 are projected 24 million bushels below last month with lower beginning stocks from the Grain Stocks report more than offsetting increased production.

U.S. soybean exports and crush for 2014/15 are unchanged this month. Soybean ending stocks are projected at 450 million bushels, down 25 million on reduced supplies. Prices for soybeans, soybean oil, and soybean meal are unchanged.

More Analysis to come.

View the complete USDA WASDE Report here: http://www.usda.gov/oce/commodity/wasde/latest.pdf