USDA’s August World Agricultural Supply and Demand Estimates (WASDE) and Crop Production forecasts U.S. farmers will produce 19.6 billion bushels of corn, soybeans, and wheat in 2019/20. This is less than 1% below the previous month’s projection, but 6% lower than last year.
According to the latest USDA Grain Transportation Report, USDA projects 2% less total grain supplies (including beginning stocks, production, and imports), which could mean less demand for grain transportation in the new marketing year.
States with the largest drop in production from last year in million bushels (mbu) are: Illinois (-576 mbu), North Dakota (-380 mbu), Ohio (-325 mbu), and South Dakota (-321 mbu).
USDA expects domestic use of corn, soybeans, and wheat would be on-par with last year but expects exports to fall 4%.
