US Corn and soy production expected to increase
According to the USDA August Crop Production and WASDE reports, US corn and soybean production is expected to increase with a resultant decrease in prices.
Corn production is forecast at 14.0 billion bushels, up 1% from 2013. Based on conditions as of August 1, yields are expected to average 167.4 bushels per acre, up 8.6 bushels from 2013. If realised, this will be the highest yield and production on record for the United States. Area harvested for grain is forecast at 83.8 million acres, unchanged from the June forecast but down 4% from 2013.
Soybean production is forecast at a record 3.82 billion bushels, up 16% from last year. Based on August 1 conditions, yields are expected to average a record high 45.4 bushels per acre, up 2.1 bushels from last year. Area for harvest in the United States is forecast at a record 84.1 million acres, unchanged from June but up 11% from last year.