|
The magazine’s estimates are based on an exclusive e-mail survey
of more than 600 producers conducted July 26 to Aug. 4, as well
as crop ratings published by USDA.
USDA releases its official estimates on Aug. 10, in one of
the most widely anticipated crop reports of the year.
Farm Futures estimates the average national corn yield at
147.96 bushels per acre, down slightly from the 149.1 achieved
in 2006. The average U.S. soybean yield was put at 42.36 bushels
per acre, also down from last year’s 42.7 published by USDA.
"The corn crop pollinated under good conditions in much of
the Midwest, but warmer and drier weather in July reduced the
potential for above-average yields," according to Bryce Knorr,
Farm Futures senior editor, who conducted the survey. "The jury
is still out on soybean yields, which will be determined by
August weather."
Arlan Suderman, Farm Futures market analyst, believes
expanding biofuels production should continue to dominate the
markets in the coming year.
"While the size of the corn crop is down from earlier
estimates, it should still produce adequate stocks to satisfy
record demand fueled by the booming ethanol industry," says
Suderman.
"However, a 12.64 billion-bushel crop would still not build
stocks sufficiently to allow corn to give up acres to soybeans
in 2008, with 76 new ethanol plants currently under construction
and expected to open by early 2009. The current soybean
production estimate would keep stocks comfortable over the next
year if it holds, but it would require a significant expansion
of production in 2008 to feed the emerging global biodiesel
industry."
For more information about the Farm Futures forecast, go
www.farmfutures.com.
[to top of second column]
 |
|
August USDA
reports |
August
Farm Futures
estimates
in millions
of bushels |
|
2006-2007
crop ending stocks |
|
|
Corn |
1,137 |
|
Soybeans |
600 |
|
2007-2008
crop ending stocks |
|
|
Wheat |
395 |
|
Corn |
1,396 |
|
Soybeans |
295 |
|
2007 crop
production |
|
|
Corn |
12,640 |
|
Soybeans |
2,677 |
|
2007 crop
yields |
|
|
Corn |
147.96 |
|
Soybeans |
42.36 |
|
2007 crop
wheat production |
|
|
All winter
wheat |
1,564 |
|
Hard red winter |
977 |
|
Soft red winter |
354 |
|
All white wheat |
258 |
|
Hard red spring
wheat |
461 |
|
Durum |
76 |
|
All wheat |
2,126 |
About Farm Futures magazine
Published nine times annually by Farm Progress Cos., Farm Futures
provides business and management information to 205,000 large-scale,
high-income U.S. farm operators.
About Farm Progress Companies
Farm Progress Companies is the largest U.S. media company serving
the agricultural market. The company publishes 18 state and regional
farm publications nationwide, such as Prairie Farmer (founded in
1841 and the nation's oldest, continuously published magazine) in
Illinois; American Agriculturist in New York and the Northeast;
Rural Life, a nationally circulated rural-living consumer magazine;
and Farm Futures, a nationally circulated publication for
high-volume producers. Farm Progress operates four farm trade shows,
including the Farm Progress Show, which is the nation's largest
outdoor farm show, and Husker Harvest Days, and provides tailored
marketing solutions, including database, market research and custom
publishing. Farm Progress is headquartered near Chicago in Carol
Stream.
[Text from file received from
Farm Futures] |
