What is in this article?:
- Corn, cotton, soybeans decline, peanut crop gets bigger
- Lowest yield since 1995
• Cotton production is forecast at 17.1 million bales, down 3 percent from last month but up 10 percent from last year.
• Corn production is forecast at 10.7 billion bushels, down less than 1 percent from the August forecast and down 13 percent from 2011.
• Soybean production is forecast at 2.63 billion bushels, down 2 percent from August and down 14 percent from last year.
• Peanut production is forecast at 5.92 billion pounds, up 12 percent from August and up 63 percent from last year.
WHILE THE U.S. cotton crop shrank in estimated production from last month, global ending stocks were raised by two million bales, to 76.5 million bales.
Lowest yield since 1995
Based on conditions as of Sept. 1, yields are expected to average 122.8 bushels per acre, down 0.6 bushel from the August forecast and 24.4 bushels below the 2011 average. If realized, this will be the lowest average yield since 1995.
Corn ending stocks for 2012-13 are projected 83 million bushels higher at 733 million.
Soybean production is forecast at 2.63 billion bushels, down 2 percent from August and down 14 percent from last year. Based on Sept. 1 conditions, yields are expected to average 35.3 bushels per acre, down 0.8 bushel from last month and down 6.2 bushels from last year.
Compared with last month, yield forecasts are lower or unchanged across the Great Plains and most of the Corn Belt as lingering drought conditions continued to hamper yield expectations.
It’s a different story elsewhere, however, as USDA projects record soybean yields for Mississippi, 41 bushels, Arkansas, 39 bushels and North Carolina, 34 bushels.
Soybean ending stocks are projected at 130 million bushels, down 15 million from last month.
Peanut production is forecast at 5.92 billion pounds, up 12 percent from August and up 63 percent from last year. Average yield for the United States is forecast at a record high 3,714 pounds per acre, up 152 pounds from August and up 401 pounds from last year.
Planted area is estimated at a record high in South Carolina. If realized, harvested area will be a record high in South Carolina, Florida, and Mississippi. Record high yields are expected in Georgia, Florida, North Carolina, Oklahoma, and Texas. The largest yield increases from last year are expected in Oklahoma and Texas, where drought conditions last year significantly reduced crop potential. Harvest was underway by the end of August in Florida, Georgia, and Mississippi.