USDA lowers corn production, corn yield forecasts for 2013

USDA lowers corn production, corn yield forecasts for 2013

Latest report incorporates farmer survey and field plot measurements into yield projections

The outlook for U.S. corn production in 2013 was reduced in August, largely based on anticipated lower corn yields. The USDA on August 11 released its World Agricultural Supply and Demand Estimates report, which forecast the United States corn crop at 13.8 billion bushels.

The August estimate for 2013 corn production was reduced from the July estimate, which was slightly more than 14 billion bushels.

A decrease in expected corn yields was also reported in the August World Agricultural Supply and Demand Estimates report. U.S. corn yields are forecast at 154.4 bushels per acre, down 2.1 bushels per acre from the July estimates. The August report was the first time in 2013 that corn production estimates were made using farmer surveys and field plot measurements. Previously in 2013, the corn production forecasts were made through the use of a statistical model for corn that predicts yield based on planting date, rainfall and temperature during the growing season.

Although the report calls for a drop in corn yields and corn production, if the forecast of 13.8 billion bushels is realized, the 2013 U.S. corn crop will set a record, according to USDA economist, Joe Glauber.