Market News & Headlines >> USDA Seen Cutting Corn, Soybean Crops
USDA is expected to cut its estimates of 2019 U.S. corn and soybean production due to lower yields when it releases its October Crop Production report on Thursday.
Pre-report trade estimates of U.S. corn production average 13,588 billion bushels in a range from 12.736-13.833 billion bushels compared with USDA’s September crop estimate of 13.799 billion bushels, according to a survey of 31 analysts by Bloomberg News.
Trade expectations for the U.S. corn yield average 166.7 bushels per acre in a range from 159.0-169.3 bushels compared with USDA’s September estimate of 168.2 bushels. Expectations for harvested corn acreage average 81.5 million in a range from 80.1-82.0 million compared with USDA’s September estimate of 82.0 million.
Pre-report expectations for U.S. soybean production average 3.563 million bushels in a range from 3.452-3.658 billion compared with USDA’s September estimate of 3.633 billion bushels.
Trade estimates of the U.S. soybean yield average 47.0 bushels per acre in a range from 45.5-48.2 bushels compared with USDA’s September estimate of 47.9 bushels. Pre-report estimates of harvested soybean acreage average 75.7 million in a range from 74.5-77.2 million versus USDA’s September estimate of 75.9 million.