USDA’s October Forecast Shows Mixed Numbers Nationwide
USDA’s October crop production forecast was released last week, and it was a mixed bag on the national scene. The latest projections released Friday show a less than 1% increase in corn production from the previous month, coinciding with a slight adjustment up in corn yields. Soybean production forecast month over month, however, were lowered. Slightly, yet both production and yields for this year's big crop are expected to be record high. Cotton production forecast down 2% from September, again attributed to a lower yield forecast for the crop.
The first U.S. all orange production forecast for the season down 5% for the 2023-24 final utilization. The numbers making up that forecast include Florida production down 16%. From last season's final utilization, with survey work finalized prior to Hurricane Helene's arrival last month.
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