By Ros Krasny
WASHINGTON, Oct 10 (Reuters) – U.S. corn and soybean production in 2014, already pegged at record highs, will be higher than forecast a month ago but somewhat below market expectations, U.S. Department of Agriculture data showed on Friday.
At 14.475 billion bushels, the corn crop marginally trailed average estimates averaging 14.506 billion. At 2.081 billion, ending stocks are forecast to exceed the 2-billion-bushel mark for the first time in a decade.
USDA estimated the U.S. soybean crop at a record 3.927 billion bushels, up 17 percent from the recently revised 2013 crop but below trade expectations averaging 3.976 billion.
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Saskatchewan harvest lags behind
At 12 per cent complete as of Aug. 25, harvest progress in Saskatchewan was well behind the five-year average of 25 per cent finished, the provincial agriculture department reported. Rain and thunderstorms hampered harvesting in some areas of Saskatchewan.
Production is inching closer to a once unthought-of 4-billion bushel crop.
Ending stocks were lowered by 25 million bushels on the month to 450 million, chiefly on lower beginning stocks.
At the start of this week 74 percent of corn and 73 percent of soybeans were rated in good to excellent condition as crops mature. Harvest has progressed at a slightly slower than normal pace so far.
Overall corn yields will be a record 174.2 bushels per acre, with 22 states expected to post new yield marks.
Soybeans were also in great shape. Compared with final pod counts for 2013, pod counts are up in seven of the 11 published states, USDA said. Twelve states are heading toward record high soybean yields, including No. 1 producer Illinois.
Projected U.S. season-average prices for corn were lowered by 10 cents per bushel, to a midpoint of $3.40. Usage was nudged up by 50 million bushels on higher projected meat production.
Expected U.S. beef and pork production for 2015 were both raised, and USDA showed pork output nudging above beef output for the first time since 1952. Higher carcass weights supported increased pork output.
WORLD WHEAT ENDING STOCKS DIP
USDA lowered its 2014/15 world wheat ending stocks forecast to 192.6 million tonnes, despite somewhat larger crops in the EU, Pakistan and Ukraine.
Australia’s crop was lowered by 500,000 tonnes “on continued dryness in portions of the southeast,” and Argentina’s projected crop slipped 300,000 tonnes on wet conditions that have limited planting.
Corn production was cut for Ukraine, Belarus and Russia as the latest harvested results reflected the impact of hot, dry conditions late in the summer, but was partially offset by larger EU and U.S. crops.
Forecasts for 2014/15 soybean production in Brazil and Argentina were steady on the month.
