Market News & Headlines >> USDA Seen Lowering Corn Crop Slightly, Raising Soy Crop
USDA is expected to lower its estimate of 2016 U.S. corn production slightly while raising soybean production marginally when it releases its Annual Crop Production Summary report on Thursday.
Trade estimates of 2016 U.S. corn production average 15.200 billion bushels, 26 million bushels below USDA’s November survey estimate, in a range from 14.999-15.277 billion, according to a survey of 32 analysts by Bloomberg News. At the average of trade estimates, corn production would still be up 11.8% from 2015.
Pre-report forecasts of the 2016 U.S. soybean crop average 4.374 billion bushels, 13 million above USDA’s November survey estimate, in a range from 4.306-4.420 billion. At the average of trade estimates, soybean production would be up 11.4% from 2015.
On average, the trade expects the U.S. corn yield to come in at 175.2 bushels per acre, 0.1 bushels below USDA’s November estimate, but 6.8 bushels above the 2015 yield. The average of trade forecasts for the U.S. soybean yield is 52.7 bushels per acre, 0.2 bushels above USDA’s November forecast and 4.7 bushels above the 2015 yield.