Market News & Headlines >> Corn and Soybean Crops Get Larger
USDA on Wednesday raised its already-record large estimates of U.S. corn and soybean production on better-than-expected yields.
USDA pegged U.S. corn production at 15.226 billion bushels, up 1.1% from its October estimate of 15.057 billion bushels and toward the high end of trade expectations, which averaged 15.041 billion bushels, in a range from 14.880-15.226 billion bushels, according to a survey of 22 analysts by Reuters News Service.
USDA hiked its estimate of U.S. soybean production by 2.2% to 4.361 billion bushels versus an October estimate of 4.269 billion. The crop number was near the high end of trade estimates, which averaged 4.314 billion bushels in a range from 4.256-4.386 billion.
The average U.S. corn yield was estimated by USDA at 175.3 bushels per acre, up from its October forecast of 173.4 bushels and matching the high end of the range of trade expectations that averaged 173.2 bushels per acre.
USDA put the average U.S. soybean yield at 52.5 bushels per acre, up from its October estimate of 51.4 bushels and toward the high end of trade expectations that ranged averaged 52.0 bushels per acre in a range from 51.3-52.8 bushels.