Market News & Headlines >> USDA Seen Reporting Record Crops, Yields
USDA’s first survey estimate of U.S. corn and soybean production, due out Tuesday morning at 11:00 a.m. CT, is expected to show record high production for both crops on record yields thanks to favorably mild summer weather across the Midwest, good soil moisture and record large soybean plantings.
Trade estimates of U.S. corn production average 14.253 billion bushels in a range from 13.988-14.778 billion compared with USDA’s July projection of 13.860 billion and last year’s 13.925 billion-bushel crop. At the average of trade estimates, corn production would be up 2.4% over last year.
Pre-report estimates of the U.S. soybean crop average 3.823 billion bushels in a range from 3.700-3.951 billion compared with USDA’s July projection of 3.800 billion and last year’s crop of 3.289 billion bushels. At the average of trade estimates, soybean production would be up 16.2% over last year.
Expectations for the U.S. corn yield average 171.0 bushels per acre in a range from 168.0-174.8 bushels, compared to USDA’s adjusted trend-line yield forecast of 165.3 bushels and last year’s 158.8-bushel national yield. The current record high corn yield is 164.7 bushels per acre set in 2009.
The consensus estimate for the U.S. soybean yield is 45.6 bushels per acre in a range from 44.5-47.0 bushels, compared with USDA’s adjusted trend-line yield of 45.2 bushels and last year’s nationwide yield of 43.3 bushels. The current record high soybean yield is 44.0 bushels, also set in 2009.