Market News & Headlines >> USDA Seen Raising Soybean Production
The grain trade is looking for USDA to raise its estimate of 2016 U.S. soybean production further, while cutting its estimate of the corn crop slightly, when the Department releases its monthly Crop Production report Wednesday morning.
Trade estimates of the U.S. soybean crop average 4.286 billion bushels in a range from 4.147-4.366 billion compared with USDA’s September estimate of 4.201 billion bushels, according to a Reuters News Service survey of 23 analysts. Pre-report expectations for the U.S. soybean yield average 51.5 bushels per acre in a range from 50.1 to 52.6 bushels compared with USDA’s September estimate of 50.6.
Pre-report estimates of the U.S. corn crop average 15.060 billion bushels in a range from 14.713-15.215 billion versus USDA’s September estimate of 15.093 billion bushels. Trade expectations for the U.S. corn yield average 173.5 bushels per acre in a range from 169.5-175.2 bushels, compared with USDA’s September estimate of 174.4.
In the October Crop Production report, USDA’s National Agricultural Statistics Service will also reconcile its estimates of harvested corn and soybean acres with Farm Service Agency crop program acreage data. The trade consensus is that USDA will raise harvested acreage slightly.
Trade estimates of harvested corn area average 86.750 million acres in a range from 86.300-87.300 million compared with USDA’s current forecast of 86.550 million acres. Expectations for harvested soybean area average 83.115 million acres in a range from 82.500-83.500 million versus USDA’s current estimate of 83.037 million acres.