Market News & Headlines >> USDA Seen Boosting Corn, Soy Production Again
USDA is expected to raise its U.S. production and yield estimates further for both corn and soybeans in the monthly Crop Production report due out Thursday morning.
Trade estimates of U.S. corn production average 14.872 billion bushels in a range from 14.700-15.220 billion compared with USDA’s September forecast of 14.827 billion bushels. Pre-report estimates of the U.S. corn yield average 181.8 bushels per acre ina range from 180.6-183.5 bushels compared with USDA’s September estimate of 181.3 bushels per acre.
Pre-report expectations for U.S. soybean production average 4.733 billion bushels in a range from 4.623-4.890 billion compared with USDA’s September estimate of 4.693 billion bushels. Trade expectations for the U.S. soybean yield average 53.3 bushels per acre in a range from 52.0-55.0 bushels compared with USDA’s September forecast of 52.8 bushels per acre.
USDA could also adjust planted and harvested acreage for both corn and soybeans in this report, based on crop program enrollment data from USDA’s Farm Service Agency, but no big acreage shifts are expected as prevented planting acreage was low this year.
Trade estimates of harvested corn acreage average 81.72 million acres, marginally below USDA’s September estimate of 81.80 million. Trade estimates of harvested soybean acreage average 88.72 million acres, down 0.2% from USDA’s September estimate of 88.90 million acres.