Market News & Headlines >> USDA Seen Lowering Corn, Soy Crops
The grain trade is expecting USDA to cut its estimates for both U.S. corn and soybean production in Thursday morning’s monthly Crop Production report.
Abnormally heavy rains in parts of the western Corn Belt, especially in the top producing state of Iowa, as well as an early snowstorm in the Dakotas are thought to have resulted in field losses for both crops.
Trade estimates of the U.S. corn crop average 14.729 billion bushels in a range from 14.576-14.967 million bushels compared with USDA’s October estimate of 14.778 billion, according to a Bloomberg News survey of 30 analysts. Pre-report forecasts of the U.S. corn yield average 180.1 bushels per acre in a range from 178.2-181.4 bushels versus USDA’s October estimate of 180.7 bushels.
Pre-report estimates of the U.S. soybean crop average 4.676 billion bushels, a modest 14 million below USDA’s October estimate in a range from 4.637-4.706 billion bushels. Trade estimates of the U.S. soybean yield average 53.0 bushels per acre in a range from 52.5-53.5 bushes compared with USDA’s October estimate of 53.1 bushels.