USDA Crop Production Report

The USDA is predicting that the corn harvest in the country in 2007 will reach 13.1 billion bushels. This figure is an increase of 24% from last year’s outcome and 17% above 2005. Yield is also expected to increase, based on conditions as of 1st August, to average 152.8 bushels per acre, up 3.7 bushels from last year. If these forecasts are accurate, this would be the second highest yield on record, behind the 2004 figure of 160.4 bushels. The main reason for the expected increase is the favourable weather conditions prevalent in many areas, with rain providing abundant soil moisture.
Soybean production is expected to decrease, down 18% from last year’s record high to 2.63 billion bushels. Yields are expected to average 41.5 bushels per acre, down 1.2 bushels from last year.
Cotton production is forecast at 17.3 million 480-pound bales, down 20% from last year’s figure reflecting both a decline in yield and in the planted area.
Total wheat production is expected to be 2.11 billion bushels which would be an increase of 17% over last years figure. Wheat yield is forecast to be 40.6 bushels per acre, 1.9 bushels above the previous year.