Markets reacted negatively Thursday to USDA’s upgraded projections for corn, cotton and soybean yields. The monthly Crop Production report is calling for almost 175 bushels per acre of corn, 783 pounds of cotton per acre, and almost 50 bushels per acre of soybeans. If realized, corn production could set a new record of 15.2 billion bushels, up 11 percent from a year ago, while the decline in soybean production would be just three percent at 4.13 billion bushels. Cotton is still on track for a double-digit percentage decline, down ten percent at 13.1 million bales.
Harvest totals across Missouri provided a boost to yields locally, showing renewed resilience amid extreme drought conditions. Corn yield was raised six bushels per acre at 147 bushels. While down 14 from last year, production is now forecast to rise seven percent to 539.5 million bushels. Missouri’s cotton yield reversed its drought-depressed projections earlier in the season, with yield now pinned at 1229 pounds per acre, equivalent to over two-and-a-half bales. Production is now set to drop by just four percent to 845,000 bales. The state’s projected soybean harvest is unchanged for a second month, remaining at 249.75 million bushels from 45 bushels per acre.
Missouri rice went in the opposite direction, shedding 400 pounds off its yield forecast to 7500 pounds per acre. The updated production forecast of 1.52 billion pounds is still an increase from last year by 29 percent. Nationwide yield slid 30 pounds per acre to 7707 pounds, with production now set to increase 37 percent to 21.96 billion pounds.