Market News & Headlines >> U.S. Corn, Soy Crops Seen Slightly Below July Projections

Below-normal U.S. crop condition ratings have the grain trade expecting USDA will peg 2023 U.S. corn and soybean production slightly below its previous projections when it releases its first survey estimate of production in Friday’s August Crop Production report.

On average, the grain trade expects USDA to peg U.S. corn production at 15.153 billion bushels, down 1.1% from its July non-survey projection of 15.361 billion bushels, with expectations ranging from 14.885-15.361 billion bushels. Trade expectations for the U.S. corn yield average 175.7 bushels per acre in a range from 172.4-178.0 bushels compared with USDA’s June projection of 177.5 bushels.

Trade expectations for U.S. soybean production average 4.252 billion bushels, down 1.1% from USDA’s July projection of 4.300 billion, in a range from 4.173-4.300 billion bushels. Pre-report expectations for the U.S. soybean yield average 51.4 bushels per acre in a range from 50.5-52.0 bushels compared with USDA’s July forecast of 52.0 bushels.

USDA”s U.S. corn condition rating of 57% good/excellent as of Aug. 6 was up 2 percentage points from a week earlier, but was down from 58% a year earlier and from the 10-year average of 66%. The U.S. soybean condition rating of 54% good/excellent was also up 2 percentage points from a week earlier, but was down from 59% last year and from a 10-year average of 64%.