Market News & Headlines >> USDA Seen Lowering Corn Crop Estimate Again

The grain trade expects USDA to cut it estimate of 2022 U.S. corn production a bit further in Wednesday morning’s monthly Crop Production report due to lower-than-expected yields, while soybean production is expected to be up marginally from the agency’s September estimate.

Pre-report expectations of U.S. corn production average 13.885 billion bushels in a range from 13.766-14.056 billion, according to a Reuters News Service survey of 20 analysts. Trade expectations for the U.S. corn yield average 171.8 bushels per acre in a range from 170.1-173.9 bushels compared with USDA’s September estimate of 172.5 bushels.

Pre-report expectations of U.S. soybean production average 4.381 billion bushels, just 3 million above USDA’s September estimate, in a range from 4.309-4.463 billion. Expectations for the U.S. soybean yield average 50.6 bushels per acre in a range from 49.8-51.3 bushels, compared with USDA’s September estimate of 50.5 bushels.