USDA today adjusted its official October acreage and production estimates for six field crops. How did this affect corn and soybean estimates?
The numbers were revised after discovering discrepancies in a Farm Service Agency (FSA) database of producer-reported crop acreage used by the National Agricultural Statistics Service (NASS). NASS published the changes this morning in a corrected version of the Oct. 10 Crop Production. The World Agricultural Outlook Board also issued an abbreviated World Agricultural Supply and Demand Estimates (WASDE) report reflecting the acreage updates.
This morning’s crop report includes changes to acreage and production estimates for corn, soybeans, sorghum, canola, sunflowers, and dry edible beans. The revisions will have no impact on crop support payments to growers.
Compared to the Oct. 10 release, the corrected Crop Production report reflects 1.2 percent fewer planted acres for corn, 1.4 percent fewer planted acres for soybeans, 1.9 percent fewer acres planted acres for canola, 0.8 percent fewer planted acres for sunflowers, and 0.7 percent fewer planted acres for dry edible beans. The report also reflects a 2.5 percent increase in planted acres for sorghum. Even with the reduced acreage estimates, the 2008 corn crop is still on track to be the second largest on record, while the soybean crop will be the fourth largest.
The revised WASDE report lowers projected supplies, use and ending stocks for both corn and soybeans. Price forecasts are raised slightly for both commodities. Sorghum supply and use projections are revised to reflect the higher forecasted production.