Market News & Headlines >> Corn, Soybean Crops Up More Than Expected
USDA on Tuesday hiked its estimates of U.S. corn and soybean production more than the trade expected due to stronger yields.
USDA raised its estimate of U.S. corn production by 99 million bushels to 13.654 billion bushels, boosting the U.S. average yield by 1.3 bushels per acre to 169.3 bushels. The USDA production estimate compared with trade estimates that average 13.579 million bushels in a range from 13.435-13.718 billion bushels. Trade estimates of the U.S. yield averaged 168.4 bushels in a range from 166.6-170.1 bushels.
USDA pegged the U.S. soybean crop at 3.961 billion bushels, up 73 million from its October estimate and above trade estimates that averaged 3.915 billion bushels in a range from 3.895-3.955 billion. USDA put the U.S. average soybean yield at a record high 48.3 bushels per acre, up 1.1 bushels from its October estimate and above trade estimates that averaged 47.5 bushels per acre in a range from 47.3-48.0 bushels.
Increases to corn yield estimates in the western and northern parts of the Corn Belt more than offset cuts to yields in states that were hit with excessive rainfall in June and early July. USDA raised the average yield for the top state of Iowa by 6 bushels per acre and raised the Minnesota and Nebraska yields by 3 bushels each. Yield estimates also rose 1 bushel each for South Dakota, Kansas and Wisconsin. USDA cut the Illinois yield by 2 bushels and slashed Missouri’s yield by 4 bushels, while also trimming 1 bushel off of the Ohio yield.
Soybean yields were steady to higher in most of the top producing states compared with October. USDA raised Iowa’s soybean yield by 3 bushels and raised the Illinois, Minnesota and Missouri yields by 2 bushels each. Average yields were steady in Nebraska, Indiana, Ohio and South Dakota. The Arkansas yield did fall by 1 bushel.