Market News & Headlines >> Little Change in USDA Crop Estimates Expected
Wednesday’s monthly Crop Production Report from USDA is expected to show only modest changes in estimated U.S. corn and soybean production compared with the agency’s October crop forecasts.
Trade estimates of U.S. corn production average 13.887 billion bushels, just 8 million bushels below USDA’s October estimate in a range from 13.766-14.109 billion bushels, according to a Reuters News Service survey of 20 grain analysts. Trade estimates of the U.S. corn yield averaged 171.9 bushels per acre, unchanged from USDA’s October estimate in a range from 171.0-174.5 bushels.
Pre-report estimates of U.S. soybean production average 4.315 billion bushels, only 2 million bushels above USDA’s October estimate in a range from 4.261-4.413 billion. Trade estimates of the U.S. soybean yield average 49.8 bushels per acre, unchanged from USDA’s October forecast, in a range from 49.2-50.9 bushels.