In its monthly crops report, USDA recently cut its projected U.S. corn production to 10.8 billion bushels, down 17% from its forecast last month of nearly 13 billion bushels and 13% lower than last year. Soybean production is forecast to be down as well, to 2.69 billion bushels, which is 12% lower than last year and as well as lower than the 3.05 billion bushels the USDA forecast last month.
The projections mean this year's corn production will be the lowest production since 2006, with soybeans at its lowest production rate since 2003, says Matt Roberts, OSU extension agronomist. The USDA says it expects corn growers to average 123.4 bushels per acre, down 24 bushels from last year, while soybean growers are expected to average 36.1 bushels per acre, down 5.4 bushels from last year.
In Ohio, those numbers translate into a projected 126 bushels per acre yield, which is down 32 bushels per acre from last year for corn, he said. Soybeans are projected at 42 bushels per acre, down from last year's 47.5 bushels per acre yield.
The impact on growers is going to be tough, Roberts says.
"I don't think this is a surprise to anyone, especially growers," he says. "For most farmers, this is the year that they will lose much of the profits they've made over five good years.
"I don't expect to see a lot of bankruptcies, but certainly there will be a lot of belt-tightening among farmers this year. With crop insurance so widespread, it will help ensure that we don't see a lot of bankruptcies and help farmers weather this storm."