Market News & Headlines >> Smaller Corn and Soybean Crops Expected
The grain trade expects USDA to lower its estimates of U.S. corn and soybean production moderately when it releases its monthly Crop Production Report on Sept. 12.
Expectations for lower production are based largely on ideas USDA is overestimating yields in western and central parts of the U.S. Midwest that saw below-normal rainfall in July and/or August.
Trade estimates of the U.S. corn crop average 14.003 billion bushels in a range from 13.754-14.295 billion compared with USDA’s August estimate of 14.153 billion bushels, according to a survey of 32 analysts by Bloomberg News. Pre-report estimates of U.S. soybean production average 4.322 billion bushels in a range from 4.179-4.435 billion versus USDA’s August estimate of 4.381 billion.
Trade expectations for the U.S. corn yield average 167.9 bushels per acre in a range from 165.5-171.2 bushels, compared with USDA’s August forecast of 169.5 bushels. Expectations for the U.S. soybean yield average 48.7 bushels per acre in a range from 47.1-50.0 bushels, compared with USDA’s August estimate of 49.4 bushels.