Market News & Headlines >> USDA Seen Raising Soybean Crop by 1.1%
USDA is expected to raise its forecast for 2016 U.S. soybean production by another 1.1% in Wednesday’s monthly Crop Production report due to strong yields, while estimated corn production is seen falling slightly from the October estimate.
Trade estimates of U.S. soybean production average 4.314 billion bushels, up 45 million from USDA’s October estimate of 4.269 billion, in a range from 4.256-4.386 billion bushels, according to a survey of 22 analysts by Reuters News Service.
Trade estimates of U.S. corn production average 15.041 billion bushels, down a modest 16 million from USDA’s October forecast, with estimates ranging from from 14.880-15.226 billion bushels.
Trade expectations for the U.S. soybean yield average 52.0 bushels per acre in a range from 51.3-52.8 bushels, compared with USDA’s October forecast of 51.4 bushels and last year’s 48.0-bushel yield.
Pre-report estimates of the U.S. corn yield average 173.2 bushels per acre in a range from 171.4-175.3 bushels, compared with USDA’s October estimate of 173.4 bushels and last year’s 168.4-bushel yield.