Market News & Headlines >> USDA Seen Raising Corn, Soybean Production
USDA is expected to raise its 2020 U.S. corn and soybean crop forecasts on Wednesday morning, when it releases August Crop Production report, which will contain the first survey estimates of those crops.
Strong USDA crop condition ratings of 71% good/excellent for corn and 74% good/excellent for soybeans as of Sunday point to potential for record high yields for both crops.
Trade estimates of U.S. corn production average 15.177 billion bushels in a range from 14.815-15.401 billion bushels, according to a survey of 28 analysts by Bloomberg News. Trade estimates of the U.S. yield average 180.5 bushels per acres in a range from 177.5-183.3 bushels compared with USDA’s weather-adjusted trendline yield of 178.5 bushels.
Pre-report estimates of U.S. soybean production average 4.260 billion bushels in a range from 4.150-4.399 billion, compared with USDA’s July projection of 4.135 billion bushels. Trade estimates of the U.S. soybean yield average 51.2 bushels per acre in a range from 50.0-53.0 bushels compared with USDA’s weather-adjusted trendline yield of 49.8 bushels.