Market News & Headlines >> USDA Expected to Lower Corn, Soy Crop Estimates Slightly

USDA is expected to lower its estimates of U.S. corn and soybean production slightly due to the impact of dry weather on yields when it releases its October Crop Production report on Thursday.

Pre-report trade estimates of U.S. corn production average 15.101 billion bushels, just 33 million below USDA’s September estimate, in a range from 14.950-15.282 billion, according to a Reuters News Service survey of 18 analysts. Trade estimates of the U.S. corn yield average 173.5 bushels per acre in a range from 172.4-173.8 bushels, versus USDA’s September estimate of 173.8 bushels.

Trade expectations for U.S. soybean production average 4.134 billion bushels, only 12 million bushels below USDA’s September estimate in a range from 4.100-4.175 billion bushels. Trade estimates of the U.S. soybean yield average 49.9 bushels in a range from 49.5-50.1 bushels compared with USDA’s September estimate of 50.1 bushels.