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

Friday’s monthly USDA Crop Production report is expected to lower U.S. corn and soybean production a bit further following an early killing frost and snowstorm across parts of the western part of the U.S. Corn Belt in mid-October. 

Trade estimates of U.S. corn production average 13.604 billion bushels in a range from 13.030-13.786 billion bushels compared with USDA’s October estimates of 13.779 billion, according to a Bloomberg News survey of as many as 29 analysts. 

Pre-report estimates of the U.S. corn yield average 167.2 bushels per acres in a range from 164.5-170.0 bushels versus USDA’s October estimate of 168.4 bushels. Trade expectations for harvested corn area average 81.3 million acres in a range from 79.2-81.8 million against USDA’s October estimate of 81.8 million. 

Pre-report expectations for U.S. soybean production average 3.513 billion bushels in a range from 3.441-3.609 billion bushels compared with USDA’s October forecast of 3.550 billion bushels. 

Trade estimates of the U.S. soybean yield average 46.6 bushels per acre in a range from 45.5-47.4 bushels compared with USDA’s October estimate of 46.9 bushels. Trade expectations for harvested soybean area average 75.5 million acres in a range from 74.6-77.2 million compared with USDA’s October estimate of 75.6 million.