The Grain trade is expecting Thursday’s monthly USDA Crop Production report to lower estimated U.S. corn production slightly from its August estimate, while raising soybean production marginally.
Pre-report trade estimates of 2024 U.S. corn production average 15.105 billion bushels in a range from 14.932-15.215 billion compared with USDA’s August estimate of 15.147 billion bushels, according to a survey of 27 analysts by Bloomberg News. Trade expectations for USDA’s U.S. corn yield estimate average 182.7 bushels per acre, down 0.4 bushels from USDA’s August estimate.
Pre-report trade estimates of 2024 U.S. soybean production average about 4.596 billion bushels, up just 7 million from USDA’s August estimate in a range from 4.477-4.740 billion. Trade expectations for USDA’s U.S. soybean yield estimate average 53.3 bushels per acre, up just 0.1 bushel from USDA’s August estimate in a range from 52.0-54.9 bushels per acre.
USDA is not expected to change its estimates of harvested corn or soybean acreage this month. U.S. wheat production will not be reported on Thursday. The next estimate of wheat production will come out in USDA’s annual Small Grains Summary report on Sept. 30.
