USDA See Records All Round

10/05/13 -- The USDA also today had a first peek into crop production around the world for the 2013/14 season. They were predictably bullish on prospects for bumper crops, seeing more records than a HMV fire sale.

For wheat they are predicting a record world crop of 701 MMT, up 7% from output versus 2012.

For corn they are also predicting record world production of 966 MMT, a rise of 12.7% on 2012.

They have global soybean production at a record 286 MT, up 6% compared 269 MT in 2012.

US corn yields this season are seen rising 28% to 158 bu/acre, with production projected at 14.1 billion bushels, up more than 30% to a record 14.1 billion bushels.

US soybean yields are seen at 44.5 bu/acre with production at 3.39 billion bushels, up 12% on 2012, which would also be a record.

Now the excitement is over it's back to trading the weather....