Here is a summary of the recent USDA Crop report released on July 12, 2016.  This information can provide valuable, fundamental information for those futures traders and hedgers trading agricultural commodity futures.

  • Corn Production Up 11 Percent From 2015

  • Soybean Production Up 3 Percent From 2015

  • Cotton Production Up 23 Percent From 2015

  • Winter Wheat Production Up 2 Percent From July Forecast

Corn production is forecast at 15.2 billion bushels, up 11 percent from last year. Based on conditions as of August 1, yields are expected to average 175.1 bushels per acre, up 6.7 bushels from 2015. If realized, this will be the highest yield and production on record for the United States. Area harvested for grain is forecast at 86.6 million acres, unchanged from the June forecast, but up 7 percent from 2015.

Soybean production is forecast at a record 4.06 billion bushels, up 3 percent from last year. Based on August 1 conditions, yields are expected to average a record 48.9 bushels per acre, up 0.9 bushel from last year. Area for harvest in the United States is forecast at a record 83.0 million acres, unchanged from the June forecast but up 1 percent from 2015. Planted area for the Nation is estimated at a record 83.7 million acres, also unchanged from June.

Cotton production is forecast at 15.9 million 480-pound bales, up 23 percent from last year. Yield is expected to average 800 pounds per harvested acre, up 34 pounds from last year. Upland cotton production is forecast at 15.3 million 480-pound bales, up 23 percent from 2015. Pima cotton production is forecast at 565,000 bales, up 30 percent from last year.

Wheat production, at 2.32 billion bushels, is up 3 percent from the July forecast and up 13 percent from 2015. Based on August 1 conditions, the United States yield is forecast at 52.6 bushels per acre, up 1.3 bushels from last month and up 9 bushels from last year.

Winter Wheat production is forecast at 1.66 billion bushels, up 2 percent from the July 1 forecast and up 21 percent from 2015. Based on August 1 conditions, the United States yield is forecast at 54.9 bushels per acre, up 1 bushel from last month and up 12.4 bushels from last year. The area expected to be harvested for grain or seed totals 30.2 million acres, unchanged from last month but down 6 percent from last year. Hard Red Winter production, at 1.05 billion bushels, is up 1 percent from last month. Soft Red Winter, at 372 million bushels, is up less than 1 percent from the July forecast. White Winter, at 237 million bushels, is up 6 percent from last month. Of the White Winter production, 21.7 million bushels are Hard White and 216 million bushels are Soft White.

Durum Wheat production is forecast at 91.7 million bushels, up 11 percent from both July and 2015. The United States yield is forecast at 44.1 bushels per acre, up 4.3 bushels from last month and 0.6 bushel from last year. Expected area to be harvested for grain totals 2.08 million acres, unchanged from last month but up 10 percent from last year.

Spring Wheat production is forecast at 571 million bushels, up 4 percent from the July 1 forecast but down 5 percent from last year. Area harvested for grain is expected to total 11.8 million acres, unchanged from last month but down 9 percent from last year. The United States yield is forecast at 48.3 bushels per acre, up 1.8 bushels from last month and up 2 bushels from last year. Of the total production, 531 million bushels are Hard Red Spring wheat, up 4 percent from the previous forecast but down 6 percent from last year.

Best Wishes,

 

Joe Fallico

Principal Futures Broker
Series 3 & Series 30 Registered

Phone: 1-847-379-5000
Toll Free: 1-866-892-2030

Insignia Futures & Options, Inc.

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