The U.S. Department of Agriculture surprising the trade with another increase in corn and soybean production and yield.
USDA projects the national corn yield to hit 169.9 bushels per acre, the third largest corn yield on record. That’s 0.4 bushels above the August estimate, and 1.7 bushels per acre above the pre-trade estimate.
The higher yield forecast also boosting production, with USDA forecasting production to reach 14.2 billion bushels. That’s above the pre-trade estimate of 14.03 billion bushels, and also up from USDA’s August estimate of 14.15 billion bushels.
USDA Crop Production Estimates
Crop production jumped 31.5 million bushels from the August report. (Christopher Walljasper/Farm Journal Media)
It’s a similar story for soybeans, with USDA bumping the yield up to 49.9 bushels per acre, a 0.5 bushel increase from last month, and more than a bushel above the trade estimate.
With record soybean acres planted this year, USDA estimates total production to hit a record 4.43 billion bushels, which is higher than the agency’s August estimate of 4.38 billion bushels and also above the pre-report trade estimate.
Southern farmers also seeing an impressive cotton crop, with USDA forecasting cotton production to reach 21.8 480-pound bales, which is 6 percent higher than the August forecast and 27 percent above last year. However, USDA cautioning that the yield and production impact of the recent Hurricanes are still largely unknown and not reflected in the recent report.