Market News & Headlines >> Larger Soybean Crop Expected
he monthly USDA Crop Production report due out on Wednesday morning is expected to show larger U.S. soybean production on a record high yield and a small decrease in corn production versus last month’s estimate.
Trade estimates of U.S. soybean production average 4.643 billion bushels, 57 million bushels above USDA’s August estimate, in a range from 4.523-4.781, according to a Bloomberg survey of 29 analysts. Pre-report expectations for the U.S. soybean yield average 52.3 bushels per acre in a range from 50.9-53.8 bushels, compared with USDA’s August estimate of 51.6 bushels.
Pre-report estimates of U.S. corn production average 14.516 billion bushels in a range from 14.225-14.750 billion, compared with USDA’s August estimate of 14.586 billion bushels. Expectations for the U.S. corn yield average 177.6 bushels per acre in a range from 174.0-180.0 bushels per acre.