USDA Releases Initial Crop Projections

Last week, USDA released its MayWorld Agricultural Supply and Demand Estimates report, which presents the department’s initial assessment of U.S. and world crop supply and demand prospects for 2018/19.

According to theGrain Transportation Report, USDA projects the U.S. will produce 522.7 million metric tons of corn, soybeans, and wheat in 2018/19, down 3% from last year and the 3-year average.

Despite the drop in grain production, grain movements could increase slightly in the upcoming marketing year, as USDA forecasts grain exports to grow 2% and domestic consumption to remain stable compared to 2017/18.