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August 14, 2014

This Week's USDA Reports Brings Few Surprises

For more information on Newsline, contact: Kari Barbic, Media Specialist, American Farm Bureau Federation, karib@fb.org.

The August Supply and De­mand Report and Crop Production forecast this week gives producers a better idea of what the 2014 harvest may look like. Micheal Clements has the story.
ClementsAmerican Farm Bureau Deputy Chief Economist John Anderson says there were some surprises in this month’s reports from the USDA.
AndersonI think the biggest one was that the corn yield came in at a projection of 167.4 bushels per acre. That’s up 2.1 bushels from last month’s estimate. The August number always gets a lot of interest because there is some objective data behind the August number and it’s a mathematical process that we go through to get an estimate.
ClementsHe notes a two bushel-per-acre difference equates to a couple hundred million bushels in total production. On the soybean side of the report, Anderson says there were no surprises. The estimated soybean yield was projected at 45.4 bushels per acre. Anderson says the numbers on the global side of the report were more significant for wheat and feed grains.
AndersonWe’re looking at pretty high global wheat and feed grain production coming out of this report. Europe and the former Soviet area are looking maybe a little better than they did a month ago in terms of their production, taking some of the edge off that lower corn yield number that we expected.
ClementsThe corn yield was roughly two bushels lower than expectations. Anderson says the yield number will likely increase, however.
AndersonThat’s consistent with the old truism that big crops get bigger. This is certainly a big crop. I would be surprised if doesn’t get a little bigger from that yield number, but there’s a long way to go before we know that for sure.
ClementsMicheal Clements, Washington.

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