USDA lowers corn, beef and pork production estimates
EAU CLAIRE, Wis. (WEAU) - As expected, USDA economists lowered the estimates for the size of this year’s corn crop yesterday in their August Supply and Demand report. They took almost 5 bushels an acre off their estimates from last month putting this year’s crop at 14.75 billion bushels on yields of 174.6 bushels an acre—down 415 million bushels from July’s estimates. That also reduced ending stocks for the current marketing year by 190 million bushels—down to 1.24 billion bushels. But the report did increase the expected average corn price by 15 cents—up to $5.75 a bushel. For soybeans, yesterday’s report cut production by almost 1 bushel an acre, down to 50 bushels which lowers production estimates to about 4.34 billion bushels. But economists did raise ending soybean stocks to 160 million bushels based on lower projections for the soybean crush and exports. That also means the expected soybean price is expected to remain at $13.70 a bushel for the current marketing year.
For Wisconsin, our corn crop is now estimated at 484 million bushels on yields of 167 bushels an acre—down 7 bushels from last year. Last year our corn crop yielded almost 516.8 million bushels. But our soybean crop should be bigger, by almost 6 million bushels as yesterday’s report now pegs the beans to yield 106 million bushels based on yields of 49 bushels an acre.
Yesterday’s report also lowered both beef and pork production for the year. Beef production is pegged at just under 28.9 billion pounds-down 33 million pounds from the July report. But U.S. pork production is now put at 29.7 billion pounds—down 327 million pounds from the July forecast. Those numbers mean steer prices in 2022 are now expected to average $126 a hundred—up from the $122 forecast in July while hog prices are expected to remain weak at just $56 a hundred through 2022.
The Governor’s Blue Ribbon Auction on Wednesday night at the Wisconsin State Fair was another success. The grand champion hog shown by James Tibbits of Mineral Point sold for a new record of 16 thousand dollars. The champion market steer brought $47,500 and the champion lamb sold for 12 thousand dollars. The reserve champions also sold well as the second place steer brought $22,500 with both the reserve champion lamb and hog bringing 10 thousand dollar bids.
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