USDA’s May World Agricultural Supply & Demand Estimates (WASDE) crop report introduced an initial 2019-20 crop year production forecast. It implies cash crop receipts across corn, soybean and wheat could decline 6% this year following 1% growth in the 2018-19 crop year. The value of corn production is forecast up 1% this year following the 3% growth last year, while soybean receipts are estimated down 18% this year following a 6% decline in value of production last year. Wheat cash receipts are forecast up 8% this year following 19% growth in 2018-19. The chart below illustrates the historical relationship between the value of production of corn, soybeans and wheat in the U.S. compared to annual industry sales of high horsepower tractors. It appears in Ag Equipment Intelligence’s May 2019 Dealer Sentiments & Business Conditions Update report.