The U.S. corn and soybean crops continue their record-breaking pace for both production and yield, according to USDA’s October World Agricultural Supply and Demand Estimates and Crop Production reports.
USDA forecast U.S. corn production 80 million bushels higher than last month, at a record 14.475 billion bushels. Corn yields were increased 2.5 bushels per acre to a record 174.2 bushels per acre. The estimate is 15.4 bushels above 2013 yields.
Projected U.S. corn use for 2014-15 was raised 50 million bushels on higher expected feed and residual use.
Corn ending stocks were raised 79 million bushels to 2.081 billion bushels. Exports are projected 20 million bushels higher on strong demand from China.
Estimated global corn production was raised 3.2 million tons.
U.S. rice production in 2014-15 is forecast at 220.7 million hundredweight, up 2.4 million from last month with the increase entirely due to higher yield. The average all rice yield is forecast at 7,584 pounds per acre, up 83 pounds from last month.
Yields were raised in Arkansas, Missouri, and Texas.
Rice ending stocks are projected at 40.5 million hundredweight, up 2.4 million from last month, and the largest stocks since 2011-12.
World 2014-15 rice production is projected at 475.5 million tons, down 1.5 million from last month, and a decrease of 1.1 million tons from last year’s record crop. The fall in production is due mostly to a 1-million ton decrease in India’s crop to 102.0 million tons.
Forecast global rice consumption was reduced slightly, but is still a record 481.7 million tons. Global 2014-15 ending stocks are projected at 104.2 million tons, down 900,000 tons from last month.
Soybean production is forecast at a record 3.927 billion bushels, up 14 million bushels. Soybean yield is projected at 47.1 bushels per acre, up 0.5 bushels from September.
Soybean ending stocks are projected at 450 million bushels, down 25 million on reduced supplies. Global soybean production is projected at 311.2 million tons, up 100,000 tons.
Estimated cotton production was reduced 283,000 bales to nearly 16.3 million bales. The export forecast remains at 10 million bales. Estimated global 2014-15 stocks were raised about 800,000 bales this month to 107 million bales.
With China’s stocks now projected to fall by 550,000 bales from last season, stocks outside of China are expected to rise 17 percent to about 45 million bales.
World stocks for 2013-14 are raised 1 million bales, due mainly to higher production estimates for China and Brazil. USDA raised the Chinese production estimate by 750,000 bales.