The USDA kicked off its annual Agricultural Outlook Forum today. The program this morning included the “Outlook for U.S. Agriculture in 2014” Below is a summary of projections for U.S. planted acreage and average producer prices for the 2014/15 crop year.
Corn: 92 million acres, down from 95.4 million in 2013. Season average price: $3.90/bu (2014) vs. $4.50 (2013).
Soybeans: 79.5 million acres, up from 76.5 million in 2013. Season average price: $9.65/bu (2014), down from $12.70 (2013).
Cotton: 11.5 million acres, up from 10.4 million in 2013. Season average price: 68 cents/lb (2014) vs 76 cents/lb (2013).
Rice: (price projection is “All Rice”. Actual long grain prices are likely to be lower than those reflected in this outlook. The acreage change is the key take-away from these projections which leans bearish for 2014 prices). 2.9 million acres,up from 2.5 mil in 2013. Season average price: $15.90/cwt (2014) vs $16.00/cwt (2013).
USDA presentation: Outlook for US Ag Glauber_Presentation