Market News & Headlines >> USDA Seen Lowering Corn, Soybean Crops
The grain trade is looking for USDA to make modest cuts to its forecasts for 2015 U.S. corn and soybean production in Friday’s monthly Crop Production report.
Analysts expects expect both the U.S. corn yield and harvested corn acreage to be trimmed slightly as a result of excessive rainfall in parts of the Corn Belt during June and early July. The U.S. soybean yield is seen rising slightly, but harvested soybean are expected to be revised lower as a result of smaller plantings.
USDA’s National Agricultural Statistics Service could revise its estimates of planted and harvested corn and soybean acreage this month based on certified acreage totals from the Farm Service Agency.
Trade expectations for Friday’s USDA corn production estimate avg. 13.504 billion bushels in a range from 13.283-13.798 billion compared with USDA’s September crop estimate of 13.585 billion, according to a Reuters News Service survey of 21 analysts. Expectations for the U.S. yield average 167.1 bushels per acre in a range from 165.0-169.5 bushels against USDA’s September estimate of 167.5 bushels.
On average, USDA is expected to peg harvested corn acres at 80.826 million, down from the current estimate of 81.101 million, with trade estimates ranging from 80.430-81.403 million acres.
Pre-report expectations for Friday’s USDA soybean crop estimate avg. 3.908 billion bushels in a range from 3.830-3.975 billion, compared with USDA’s September forecast of 3.935 billion bushels. Estimates of the U.S. soybean yield average 47.2 bushels per acre in a range from 46.4-47.7 bushels versus USDA’s September estimate of 47.1 bushels.
Trade estimates of harvested soybean acres average 82.914 million in a range from 82.213-83.900 million compared with USDA’s current estimate of 83.549 million.