August 13, 2007

US soy output may drop by 18 percent this year

The US Department of Agriculture's National Agricultural Statistics Service (NASS), Agricultural Statistics Board's crop production report, released on August 10, said that this year's US soybean production is seen down by 18 percent while corn production is up by 24 percent from 2006 on expanded acreage for ethanol production.

The report indicated that US corn production is forecast at 13.1 billion bushels, up 24 percent from last year and 17 percent above 2005.

US soybean production is forecast at 2.63 billion bushels, down 18 percent from last year's record high and down 14 percent from 2005.

The report noted that all US wheat production, at 2.11 billion bushels, is down 1 percent from the July forecast but up 17 percent from 2006. Winter wheat production is forecast at 1.54 billion bushels, up 18 percent from 2006.

Durum wheat production is forecast at 76.7 million bushels, up 43 percent from 2006. Other spring wheat production is forecast at 500 million bushels, up 9 percent from 2006.