Market News & Headlines >> Little Change Seen in USDA Crop Estimates
USDA’s estimates of 2023 U.S. corn and soybean production are not expected to change much from October when the agency releases its monthly Crop Production report on Thursday morning.
Trade estimates of U.S. corn production average 15.089 billion bushels, 25 million above USDA’s October estimate of 15.064 billion bushels in a range from 14.900-15.302 billion, according to a Bloomberg News survey of 27 analysts. Pre-report expectations for the U.S. corn yield average 173.3 million bushels, just 0.3 bushels above USDA’s October estimate in a range from 172.0-175.7 bushels.
At the average of trade expectations, U.S. corn production would be up 1.374 billion bushels or 10.0% from 2022 and would be the second largest U.S. crop on record behind 2016’s crop of 15.148 billion bushels.
Pre-report expectations for U.S. soybean production average roughly 4.102 billion bushels, just 2 million below USDA’s October estimate in a narrow range from 4.037-4.162 billion. Estimates of the U.S. soybean yield average 49.6 bushels per acre, unchanged from USDA’s October estimate in a range from 48.9-50.3 bushels.
At the average of trade expectations, U.S. soybean production would be down from 168 million bushels or 3.9% from 2022 and would be the smallest since 2015’s production of 3.927 billion bushels.