In January, usually the busiest of months on the USDA report calendar as associated with the first crop production report day of the year. Only the focus is traditionally not on the monthly crop production forecast, but on a series of reports, including the annual year-end look at fall harvested crop production.
“We’ll start off with corn total production at just under 14 point 9 billion bushels. That’s down compared to both November and last year. Soybean oil production is forecast at 4.3 7 billion bushels. This is down 2.1% from the previous forecast, but up 4.9% from 2023.”
According to Patrick Boyle of the National Agricultural Statistics Service, both 2024 corn and bean production ranked fourth highest on record.
“Cotton production at 14 point 4 million Bales is up 1.1% from the previous forecast, and 19.5% or 2.3 5 million bales compared to 2023.”
Another report focused on the first look at this year’s winter wheat crop, specifically seedings, or planted acreage.
“Winter wheat planted acreage is estimated at 34 point 1 million acres. That’s up 2.2% or 725,000 acres from 2024.”
January also provided the latest look at grain and rice stocks. Boyle says the year-over-year stock estimates include…
“All wheat stocks, both on and off farm stocks are up compared to the same time a year ago for both corn and soybeans. December is the beginning of the marketing year total, stocks for corn just over 12 billion bushels. That’s down eight tenths of a percent, or 97 million bushels from 2023 on farm, stocks are down 2.1% while off farm are up 1.6% soybeans, total, stocks at just over 3 billion bushels, are up 3.3% or 99 million bushels compared to last year. On farm stocks are up 6% while off farm stocks are up eight tenths of a percent. Rice stocks on December 1 total, stocks were up six tenths of a percent compared to last year, on farm stocks were up 3.5% while off farm stocks were down six tenths of a percent.”