Market News & Headlines >> Little Change Seen in U.S. Corn, Soy Crops
Tuesday morning’s USDA Annual Crop Summary report is expected to be a non-event for the corn and soybean markets, showing little change in 2015 production levels for either crop.
Trade estimates of 2015 corn production average 13.646 billion bushels, just 8 million below USDA’s November estimate, in a range from 13.525-13.770 billion bushels, according to a Reuters News Service survey of 24 analysts.
Pre-report of U.S. soybean production average 3.981 billion bushels, unchanged from USDA’s November estimate, in a range from 3.926-4.043 billion bushels.
On average, the trade sees the U.S. corn yield at 169.2 bushels per acre with estimates ranging from from 167.7-170.0 bushels compared with USDA’s November forecast of 169.3 bushels. Estimates of harvested corn acres average 82.404 million in a range from 82.000-82.709 million versus USDA’s November estimate of 82.429 million.
Trade expectations for the U.S. soybean yield average 48.3 bushels per acre, unchanged from USDA’s November estimate, in a range from 47.5-49.0 bushels. Expectations for harvested acres average 82.404 bushels per acre in a range from 82.000-82.709 million against USDA’s November estimate of 82.429 million.