The Agriculture Department’s much-anticipated October report on agricultural supply and demand for the 2014-2015 marketing year delivered few surprises today, the American Farm Bureau Federation said.
With planting numbers rolled into the latest USDA report, projections are honing in on the final harvest numbers.
“We’re seeing corn and soybean yields round out to what we have anticipated for this year’s bumper crop,” AFBF Deputy Chief Economist John Anderson said. Corn yield expectations are up to 174.2 bushels per acre and soybeans are at 47.1 bushels per acre. Both numbers are slightly higher than last month’s estimate, but remain well within anticipated ranges. Estimates on harvested acres of corn, now at 83.1 million, are down several hundred thousand acres from last month. With harvest expectations totaling 14.475 billion bushels of corn, the industry is certain to see the record crop expected.
According to Anderson, the interesting numbers from this month’s report came from the world wheat projections, where ending stocks came in lower than expected.
“The good news here,” Anderson said, “is that global demand for grain is holding strong, making this latest report on a record harvest season as positive as it can be at this point.”