By Jessica Domel
News Editor
Higher yields have once again pushed U.S. soybean production to record highs, according to a new report from the U.S. Department of Agriculture (USDA).
Soybean production is forecast up nearly 68 million bushels this year to 4,269 million bushels, thanks to timely rainfall and higher yields, according to the October World Agricultural Supply and Demand Estimate (WASDE) report.
Yield is projected at 51.4 bushels per acre. That’s up 0.8 bushels from the September forecast.
Soybean supplies are projected up 70 million bushels over last month.
Soybean prices are forecast between $8.30 and $9.80 per bushel, unchanged month-to-month.
U.S. oilseed production is forecast up this year at 126.2 million tons. That’s an increase of 1.9 million tons over last month thanks to an increase in soybean, canola and sunflower seed production, which was partially offset by lower cottonseed and peanut production.
Corn production is forecast to be down 36 million bushels from September forecasts. Production is now estimated at 15.057 billion bushels in the U.S. The report indicates the lower forecast yield more than offsets an increased harvest area.
Corn supplies are down this year to 16.845 billion bushels.
Exports are up 50 million bushels.
The projected price range for the season average is $2.95-$3.55 per bushel, an increase of five cents.
Grain sorghum production is forecast 22 million bushels lower than originally anticipated.
Increased yields pushed production to a record 77.2 bushels per acre, but is offset by a smaller harvest area. The largest reduction in harvest area was seen in Texas.
Average per bushel price is $2.80 and $3.40. That’s up five cents.
U.S. wheat production is forecast to be lower by about 11 million bushels.
Projected U.S. ending stocks for 2016/2017 wheat are up 38 million bushels as reduced supplies are more than offset by lower projected use.
Feed and residual use of wheat is lowered in this month’s forecast by 70 million bushels to 260 million bushels per acre.
U.S. wheat exports are up 25 million bushels due to the competitiveness of U.S. wheat in North Africa. The European Union lost some of its market share in that region due to a decrease in production and quality problems, according to the report.
The marketing year average price of wheat is up 10 cents per bushel to $3.50-$3.90.
Red meat and pork production is lower in this month’s forecast due to a slight increase in beef and pork production that is more than offset by lower broiler production.
There were no changes to the turkey production forecast.
Broiler production is forecast down due to recent data showing slowed growth in bird weights.
Egg production is forecast up due to continued growth in table-laying flocks.
Cattle, hog, broiler and turkey prices for the last quarter of 2016 are down due to current supplies, which are expected to impact prices well into 2017.
Egg prices, which are at 10-year lows, are expected to remain down in the coming year.
Milk production forecasts are up in this report, thanks to rapidly growing herds.
Cheese and butter price forecasts for this year and next were lowered in this report due to higher prices expected in the milk industry.
Sugar beet production is up by 80,000 tons due to increased yields and a smaller harvest area.
Rice production is down in this month’s report to 236 million cwt. That’s a decrease of 1.1 million cwt. due to lower yields.
The average yield forecast is down 37 pounds per acre to 7,532 pounds to the acre.
Increases in rice production in Texas, California and Mississippi are expected to offset a decrease in production in Arkansas.
Long grain rice production is forecast down .9 million cwt. to 177 million cwt., which is still the largest crop since the 2010/2011 record.
Medium and short grain rice production is down .3 million cwt. to 59 million cwt.
The rice season average price is unchanged this month at $10.20-$11.20 cwt.
Cotton production is d