USDA Slashes Its Corn Crop Estimate

Posted on 06/11/2019 11:00 AM

2019 U.S. Production

Corn

 

Production
(bil. bu.)

Yield
(bu. per acre)

USDA

13.680

166.0

Average est.

14.251

172.4

USDA May

15.030

176.0

USDA 2018

14.420

176.4

 

Soybeans

 

Production
(bil. bu.)

Yield
(bu. per acre)

USDA

4.150

49.5

Average est.

4.123

49.0

USDA May

4.150

49.5

USDA 2018

4.544

51.6

 

Cotton

 

Production
(mil. bales)

Yield
(lbs. per acre)

USDA

22.00

842

Average est.*

22.06

NA

USDA May

22.00

842

USDA 2019

18.390

838

 

 

 

                                          
*Based on the results of a survey by Bloomberg.

 

U.S. Carryover

Corn – billion bushels

 

2018-19

2019-20

USDA

2.195

1.675

Average est.

2.123

1.917

USDA May

2.095

2.485

 

Soybeans – billion bushels

 

2018-19

2019-20

USDA

1.070

1.045

Average est.

1.004

0.983

USDA May

0.995

0.970

 

Wheat – billion bushels

 

2018-19

2019-20

USDA

1.102

1.072

Average est.

1.121

1.118

USDA May

1.127

1.141

 

Cotton – million bales

 

2018-19

2019-20

USDA

4.65

6.40

Average est.*

NA

6.59

USDA May

4.65

6.40

*Based on the results of a survey by Bloomberg News.

 

Global Carryover

Corn – MMT

 

2018-19

2019-20

USDA

325.38

290.52

Without China

115.54

98.71

Average est.

325.44

304.96

USDA May

325.94

314.71

 

Soybeans – MMT

Marketing year

2018-19

2019-20

USDA

112.80

112.66

Without China

91.60

91.28

Average est.

113.33

112.99

USDA May

113.18

113.09

 

Wheat – MMT

 

2018-19

2019-20

USDA

276.57

294.34

Without China

136.58

148.15

Average est.

274.70

290.00

USDA May

274.98

293.01

 

Cotton – million bales

 

2018-19

2019-20

USDA

77.53

77.26

Without China

43.16

44.94

Average est. *

NA

76.05

USDA May

76.44

75.69

*Based on the results of a survey by Bloomberg news.

 

 

Global Production Highlights

Corn – MMT

 

2018-19

June (May)

2019-20

June (May)

 

U.S.

366.29 (366.29)

347.49 (381.78)

 

Argentina

49.00 (49.00)

50.00 (49.00)

 

Brazil

101.00 (100.00)

101.00 (101.00)

 

South Africa

11.50 (11.00)

14.00 (14.00)

 

Ukraine

35.81 (35.81)

33.00 (33.00)

 

China

257.33 (257.33)

254.00 (254.00)

 

Soybeans – MMT

 

2018-19

June (May)

2019-20

June (May)

 

U.S.

123.66 (123.66)

112.95 (112.95)

 

Argentina

56.00 (56.00)

53.00 (53.00)

 

Brazil

117.00 (117.00)

123.00 (123.00)

 

Paraguay

9.00 (9.00)

10.20 (10.20)

 

China

15.90 (15.90)

17.00 (17.00)

 

Wheat – MMT

 

2018-19

June (May)

2019-20

June (May)

 

U.S.

51.29 (51.29)

51.78 (51.62)

 

Argentina

19.50 (19.50)

20.00 (20.00)

 

Australia

17.30 (17.30)

22.50 (22.50)

 

Canada

31.80 (31.80)

34.50 (34.50)

 

EU

137.22 (137.22)

153.80 (153.80)

 

Russia

71.69 (71.69)

78.00 (77.00)

 

Ukraine

25.06 (25.06)

30.00 (29.00)

 

Cotton – million bales

 

2018-19

June (May)

2019-20

June (May)

 

U.S.

18.37 (18.37)

22.00 (22.00)

 

Australia

2.40 (2.50)

1.90 (2.20)

 

Brazil

12.80 (12.80)

12.00 (12.00)

 

India

26.00 (25.50)

28.50 (28.50)

 

China

27.75 (27.75)

27.75 (27.75)

 

 

Expectations for 2019-20
U.S. Wheat Production

All wheat – billion bu.

USDA

1.903

Average est.

1.883

USDA May

1.897

 

Winter wheat – billion bu.

USDA

1.274

Average est.

1.251

USDA May

1.268

 

HRW wheat – million bu.

USDA

794

Average est.

765

USDA May

780

 

SRW wheat – million bu.

USDA

258

Average est.

261

USDA May

265

 

White winter wheat – million bu.

USDA

222

Average est.

224

USDA May

224

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