Market News

2014 U.S. corn, soybean crops could be big

USDA’s projecting big U.S. corn and soybean crops.

Assuming timely planting and normal weather this growing season, corn is seen at 13.935 billion bushels, with an average yield of 165.3 bushels per acre. Old crop ending stocks were down significantly from March at 1.146 billion bushels and new crop is estimated at 1.726 billion.

This year’s soybean crop is expected to be 3.635 billion bushels, with an average yield of 45.2 bushels per acre. Old crop ending stocks were pegged at 130 million bushels and new crop is seen at 330 million.

U.S. winter wheat production is estimated at 1.403 billion bushels, with an average yield of 43.1 bushels per acre, down on the year, mostly due to a 21% year to year drop in soft red winter. Old crop wheat ending stocks came out at 583 million bushels and new crop is projected at 540 million.