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The loss of nearly 6 million acres of corn and soybeans caused by a cold and rainy planting season this year will be felt until the fall of 2020 and beyond, said Thursday. the government. US fat reserves will be reduced to compensate for short harvests; soybean stocks, which are expected to reach a record size this year, would be reduced by a quarter before the start of the 2020 harvest.
In a monthly report, the USDA foresaw the smallest corn harvest in four years and the smallest soybean crop in six years. A larger volume of wheat than usual would be spent on livestock feed to offset the slowdown in corn production, he added. Estimates were based on a June report on plantations and assumed normal yields.
The USDA will make its first estimate of the autumn harvest in early August by relying on spot checks in the fields and on a survey of more than 20,000 operators. It is currently reviewing the plantations in the agricultural region to determine if it is necessary to update its estimates of acreage grown in corn and soybeans. If it finds significant differences from the data collected in June, it would change the outlook for crop production.
In late June, the USDA said that farmers would plant 1.1 million acres of less corn and 4.6 million fewer soybeans than expected early of the planting season. The wettest spring in a quarter of a century has prevented farmers from planting part of their land and has delayed planting for so long in other regions that yields are expected to suffer from the shortened growing season.
Farmers will harvest 13.9 billion bushels of corn and 3.8 billion bushels of soybeans, USDA analysts said in the WASDE report. The projections were roughly in line with expectations.
After record harvests of soybeans for three consecutive years, soybean stocks are expected to total 1.05 billion bushels, the largest of all time, when this year's harvest began. The carry should plunge to 795 million bushels, down 24 percent, when the 2020 crop will be ripe, according to the USDA. Nevertheless, this would be the second largest stock ever recorded and the equivalent of a 10 week stock.
Maize stocks would fall by 14% to 2.01 billion bushels, the lowest in four years, when the 2020 harvest is ready for harvest. Reported corn stocks have exceeded 2 billion bushels since the record harvest of 15.1 billion bushels in 2016.
The drought is reducing wheat harvests in Russia, Ukraine and the European Union, giving the United States a chance to gain sales in the global market.
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