Market News & Headlines >> USDA Seen Cutting 2019 Corn, Soy Crops

USDA is expected to cut its estimates of the 2019 U.S. corn and soybean crops when it releases its annual Crop Production Summary on Friday morning. 

Trade estimates of U.S. corn production average 13.502 billion bushels in a range from 13.030-13.701 billion, compared with USDA’s November estimate of 13.661 billion bushels, according to a survey of 27 analysts by Bloomberg News. 

Pre-report expectations for the U.S. corn yield average 166.0 bushels per acre in a range from 163.0-168.5 bushels compared with USDA’s November estimate of 167.0 bushels. Trade expectations for harvested corn acres average 81.3 million in a range from 79.2-81.8 million compared with USDA’s November estimate of 81.8 million. 

Pre-report estimates of U.S. soybean production average 3.513 billion bushels in a range from 3.457-3.591 billion compared with USDA’s November estimate of 3.550 billion bushels. 

Trade estimates of the U.S. soybean yield average 46.5 bushels per acre in a range from 45.9-47.2 bushels compared with USDA’s November estimate of 46.9 bushels. On average, the trade expects harvested soybean area of 75.6 million acres in a range from 75.2-77.2 million compared with USDA’s November estimate of 75.6 million.