AUGUST CORN PRODUCTION 12.29 BLN BUSHELS DOWN 6%, SOYBEANS 2.97 BLN BUSHELS UP 15%
Based on the National Agricultural Statistics Service’s first estimate of the 2008 crop, corn production is estimated at 12.287 billion bushels this year, down 6% from the 2007 crop but 17% above the 2006 crop year. This estimate is 5% above the July estimates USDA produced based only on early planted acreage numbers. Despite floods along the Mississippi River after planting was started, harvested corn acreage has been raised to 79.3 million acres, up 0.4% from the number of acres that was expected to be harvested on June 30th. Yield per acre has been raised to 155 bushels per acre, up almost 3% from last year and well above the July estimated yield of 148.4.
The 2008 soybean crop is estimated at 2.973 billion bushels, up 15% from last year’s production but still down 7% from 2006. The U.S. soybean supply is down about 1% from the early July estimates that were based solely on acreage estimates. Soybean harvested acreage is 1.6% above the estimates of June 30th, indicating less damage to the crops from the Midwest floods than estimated earlier. Soybean yeilds have been reduced to 40.5 bushels per acre from the previously estimated 41.2 bushels.
The 2008 cotton crop is estimated at 13.77 million bales, down 28% from the 2007 crop and down 36% from 2006. Today’s estimate of cotton production is down almost 2% from the July estimates that were based on acreage estimates. At 7.8 million acres, cotton acreage is down 25% from 2007. Cotton yields have been reduced to an estimated 842 pounds per acre from the 879 pounds per acre harvested in 2007.
Wheat production is estimated at 2.462 billion bushels, up 19% from the 2007 crop. That was equal to the estimated production released in July. Total winter wheat production is estimated at 1.875 billion bushels, up 24% from the 2007 crop. Hard red spring wheat production is estimated to have risen almost 4% from the 2007 crop year to 466.2 million bushels and durum wheat production is estimated to have increased 21% from year earlier levels to 86.6 million bushels.