Market News & Headlines >> USDA Expected to Raise U.S. Corn, Soy Crop Estimates
USDA is expected to raise its estimates of 2021 U.S. corn and soybean production on stronger crop yields and larger corn acreage when it releases its September Crop Production report on Friday morning.
Trade estimates of U.S. corn production average 14.901 billion bushels in a range from 14.709-15.116 billion bushels compared with USDA’s August estimate of 14.750 billion, according to a Bloomberg News survey of 27 analysts. Pre-report expectations for the U.S. corn yield average 175.6 bushels per acre in a range from 173.0-177.5 bushels compared with USDA’s August yield estimate of 174.4 bushels.
Pre-report expectations for harvested corn acres average 85.1 million acres compared with USDA’s August estimate of 84.5 million according to a separate survey of 21 analysts by Reuters News Service.
Trade expectations for U.S. soybean production average 4.365 billion bushels in a range from 4.300-4.440 billion compared with USDA’s August forecast of 4.339 billion, according to the Bloomberg survey. Expectations for the U.S. soybean yield average 50.3 bushels per acre in a range from 49.5-51.2 bushels compared with USDA’s August forecast of 50.0 bushels.
Pre-report expectations for harvested soybean area average 86.7 million acres, unchanged from USDA’s August estimate, in a range from 86.2-83.7 million, according to the Reuters survey.