Market News & Headlines >> USDA Seen Cutting U.S. Corn, Soy Crops

USDA is expected to lower its estimates of U.S. crop production for both corn and soybeans on Tuesday after hot, dry August weather hurt yields, but Farm Service Agency data suggests USDA could raise harvested acres for both crops, partly offsetting yield losses.

Trade estimates of U.S. corn production average 15.008 billion bushels in a range from 14.762-15.125 billion, according to a Reuters News Service survey. The average of estimates represents a modest drop of 92 million bushels from USDA's August estimate.

Trade yield estimates average 173.5 bushels per acre in a range from 171.5-175.0 bushels compared with USDA's August estimate of 175.1 bushels. Estimates of harvested acres avg. 86.442 million, up slightly from USDA's August estimate of 86.322 million.

Pre-USDA report trade estimates of U.S. soybean production avg. 4.157 billion bushels in a range from 4.100-4.218 billion compared with USDA's August estimate of 4.205 billion. Trade estimates of the U.S. yield average 50.2 bushels per acre in a range from 49.6-51.0 bushels versus USDA's August estimate of 50.9 bushels.

Trade estimates of harvested soybean acreage avg. 82.838 million compared with USDA's August estimate of 82.696 million. Farm Service Agency acreage data suggests USDA will likely raise its planted and harvested acreage at least slightly.