Market News & Headlines >> Lower USDA Corn, Soy Crop Estimates Expected
USDA’s August Crop Production Report, which will contain the first survey estimates of 2022 U.S. corn and soybean production is expected to peg production slightly below USDA’s previous forecasts.
Ahead of the report, which is due to be released at 11:00 a.m. CT on Friday morning, trade estimates of U.S. corn production average 14.397 billion bushels in a range from 14.192-15.553 billion bushels compared with USDA’s July projection of 14.505 billion, according to a Bloomberg News survey of 28 analysts. Trade estimates of the U.S. corn yield average 176.0 bushels per acre in a range from 173.2-177.6 bushels compared with USDA’s July forecast of 177.0 bushels.
Pre-report trade estimates of U.S. soybean production averaged 4.473 billion bushels in a range from 4.367-4.557 billion bushels compared with USDA’s July forecast of 4.505 billion. Trade expectations for the U.S. soybean yield average 51.0 bushels per acre in a range from 49.9-52.0 bushels compared with USDA’s July estimate of 51.5 bushels.
Planted and harvested corn and soybean acres could change slightly from level indicated in the June 30 Crop Acreage report as USDA said it would resurvey planted corn and soybean acreage in Minnesota, North Dakota and South Dakota during July due to planting delays there.
Declining U.S. crop conditions have likely heightened expectations that crop production will fall short of USDA’s July projections. USDA rated U.S. corn conditions as of Sunday at 58% good/excellent, down 3 percentage points from a week earlier and 6 points from a year earlier. Soybean crop conditions were rated 59% good/excellent, down 1 point from a week earlier and 1 point from a year earlier.