United States Ag Production
Corn production is forecast at 13.930 billion bushels, up 35 million from last month on a 0.4-bushel increase in yield to 172.3 bushels per acre.
The NASS November Crop Production report reduced 2022/23 all rice production 1.1 million cwt to 164.3 million, all on lower yields. The average all rice yield is down 50 pounds per acre to 7,549 pounds.
Soybean production is forecast at 4.35 billion bushels, up 33 million on higher yields. Higher yields in Iowa and Missouri account for most of the change in production.
Beet sugar production is estimated at 5.155 million short tons, raw value (STRV), an increase over last month of 77,618 due to more production in September than expected last month. Louisiana cane sugar production is lowered by 58,824 STRV to 1.923 million on lower-than-expected production in September.
The forecast for 2022 red meat and poultry production is raised from last month as higher beef and broiler forecasts for the fourth quarter are partly offset by lower pork and turkey forecasts. Beef production is raised with higher expected cattle slaughter as well as higher carcass weights. Pork production is lowered on a slower expected pace of slaughter. Broiler production is raised on current slaughter and hatchery data. Turkey production is lowered based on tighter bird supplies. Egg production is lowered from last month on recent hatchery data.
The 2022/23 U.S. cotton balance sheet shows slightly higher production and higher ending stocks this month. Production is 1.5 percent higher, at 14.0 million bales, as a decrease in the Southwest is more than offset by increases elsewhere.