Market News & Headlines >> USDA Expected to Raise Crop Estimates
USDA is expected to raise its record U.S. corn and soybean crop estimates further in the monthly Crop Production report due out Friday morning, following favorable September weather conditions that kept crop conditions strong.
Trade estimates of the U.S. corn crop average 14.506 billion bushels in a range from 14.063-14.958 billion bushels versus USDA’s September crop estimate of 14.395 billion, according to a survey by Reuters News Service.
Pre-report estimates of soybean production average 3.976 billion bushels in a range from 3.880-4.104 billion bushels compared with USDA’s September estimate of 3.919 billion bushels.
Estimates of the U.S. corn yield average 174.69 bushels per acre in a range from 172.0-178.4 bushels against USDA’s September forecast of 171.70 bushels. A downward revision in planted/harvested acreage is expected to partially offset higher yields. Trade estimates of harvested corn acreage average 83.16 million in a range from 81.61-84.39 million versus USDA’s September estimate of 83.84 million.
Trade expectations for the U.S. soybean yield average 47.59 bushels per acre in a range from 46.90-48.80 bushels compared with USDA’s September forecast of 46.6 bushels. Soybean planted/ harvested acres are also expected to come down slightly. Estimates of harvested soybean acres average 83.62 million in a range from 82.45-84.10 against USDA’s September forecast of 84.06 million.