News
USDA lowers 2020 corn, soybean crop estimates
The USDA has lowered its 2020 corn and soybean production projections following damaging weather conditions during August in parts of the Midwest.
The department sees corn at 14.9 billion bushels, 2% lower than in August with the department cutting the harvested area estimate by 550,000 acres to 83.473 mmillion because of the derecho storm. The USDA is still expecting a record average yield, now at 178.5 bushels per acre, compared to 181.8 a month ago, and if this crop production guess holds, it would be 9% larger than the 2019 total. In 2019, corn totaled 13.617 billion bushels with an average yield of 167.4 bushels per acre and harvested area of 81.322 million acres.
Soybeans are pegged at 4.313 billion bushels, 3% less than last month, but 21% more than last year, with a record average yield of 51.9 bushels per acre, compared to 53.3 in August, and no change to the harvested area estimate of 83.02 million acres. Last year’s crop totaled 3.552 billion bushels with an average yield of 47.4 bushels per acre and harvested area of 74.951 million acres.
