Market News & Headlines >> USDA Raises Soybean Crop Estimate by 3.5%
USDA on Monday morning raised its forecast for U.S. soybean production more than expected on strong yields, but lowered its estimate of U.S. corn production modestly.
USDA pegged U.S. soybean production at a record 4.201 billion bushels on a national average yield of 50.6 bushels per acre. The production estimate is up 141 million bushels from USDA’s August forecast and is 272 million bushels, or 6.9% larger than last year’s crop, while the yield estimate was 1.7 bushels larger than USDA’s August forecast and 2.6 bushels larger than last year’s yield.
Both the soybean production and yield forecasts topped all trade estimates. Pre-report estimates of U.S. soybean production averaged 4.089 billion bushels in a range from 4.019-4.162 billion, with yield estimates averaging 49.2 bushels per acre in a range from 48.1-50.1 bushels.
USDA pegged U.S. corn production at 15.093 billion bushels, down 60 million bushels from its August forecast, on a yield of 174.4 bushels per acre, down from the August estimate of 175.1 bushels. The new crop forecast is 1.492 billion bushels or 11.0% larger than last year’s crop. Pre-report trade estimates of production averaged 15.027 billion bushels in a range from 14.757-15.300 billion, while trade yield estimates averaged 173.4 bushels in a range from 171.0-175.6.