U.S. crop production expected to hit record levels

U.S. corn and soybean production estimates for 2015 are nearing record breaking numbers as the USDA recently increased its corn projection by 99 million bushels and its soybean projection by 93 million bushels over its October estimate.

According to a recent report, the latest USDA report estimates the total U.S. corn production for 2015 at just under 13.7 billion bushels. This compares to the record U.S. corn production level of 14.2 billion bushels in 2014, 13.8 billion bushels in 2013, 10.8 billion bushels in 2012, and 12.4 billion bushels in 2010. USDA is now estimating that the 2015 national average corn yield at 169.3 bushels per acre, which is an increase of 1.3 bushels from the October yield estimate of 168 bushels per acre.

In addition, the November 10 USDA report estimated total 2015 U.S. soybean production at the record level of 3.98 billion bushels, surpassing the previous record production of 3.93 billion bushels in 2014. The 2015 soybean estimate compares U.S. soybean production levels of 3.36 billion bushels in 2013, 3.03 billion bushels in 2012, and 3.09 billion bushels in 2011. The USDA is now estimating the average U.S. soybean yield at a record level of 48.3 bushels per acre, which was an increase of 1.1 bushels above the October estimate of 47.2 bushels per acre.

Overall, the USDA is estimating record corn yields in 11 states, and record soybean yields in 10 states, including in Minnesota and Iowa for both crops. These estimates far exceeded most grain industry projections, and has set a very negative tone for the grain markets heading into 2016, the report states.

By taking a closer look on the state level, the USDA report is estimating the 2015 Minnesota corn yield at the record level of 187 bushels per acre, which compares to 156 bushels per acre in 2014 and 160 bushels per acre in 2013. The previous record for Minnesota was an average corn yield of 177 bushels per acre in 2010.

The USDA is also projecting Iowa to have a record corn yield of 189 bushels per acre in 2015, which compares to 178 bushels per acre in 2014 and 165 bushels per acre in 2013. The previous record Iowa statewide corn yield was 182 bushels per acre in 2008. Illinois is also projected to have a 2015 corn yield of 168 bushels per acre, compared to a record yield of 200 bushels per acre in 2014. Indiana, Nebraska and South Dakota are among the other states projected to have a record-breaking harvest.

In terms of soybeans, the USDA is estimating that Minnesota’s soybean yield is at the record level of 50 bushels per acre for 2015, compared to 41.5 bushels per acre in 2014. The previous state record soybean yield was 45 bushels per acre in 2010. Iowa’s soybean yield for the year is also estimated at the record level of 56 bushels per acre, compared to 51 bushels per acre in 2014.

Other projected soybean yields by state are: Illinois at 56 bushels per acre, which is the same as 2014. Indiana at 51 bushels per acre, compared to 55.5 bushels per acre in 2014, Nebraska at 56 bushels per acre, compared to 54 bushels per acre in 2014, and South Dakota at 46 bushels per acre, compared to 45 bushels per acre in 2014.

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