USDA predicts record corn, soybean crops despite late start

Although Iowa farmers have planted very little corn and no soybeans due to cool, wet weather this spring, the U.S. Department of Agriculture expects them to harvest record crops in the fall.

The USDA said Friday that farmers will produce a record 14.14 billion bushels, which will push corn stockpiles to more than 2 billion bushels at the end of the marketing year in 2014. That would be almost triple the 759 million bushels predicted by the USDA at the end of the current marketing year on Aug. 31.

The USDA is forecasting soybean production at 3.39 billion bushels with end stocks at 265 million bushels. That would be an increase of 140 million bushels from the current marketing year.

The bin-buster crops, if realized, will help replenish dangerously low stockpiles and, in the case of soybeans, allow the United States to regain its position as the world's largest producer. Due to the effects of last year's crippling drought, the United States has relinquished the title to Brazil.

Iowa farmers had planted just 8 percent of their corn as of May 5, according to the USDA, down from 62 percent at this time last year and a 5-year average 56 percent. Nationally, just 2 percent of the corn crop had been planted by April 28, the slowest pace since 1984, according to the USDA.

Corn-for-ethanol is expected to increase to 4.85 billion bushels this year, up 250 million bushels from 2012, but down almost 160 million bushels from 2011.