USDA increases corn, soybean crop projections
The USDA has raised its 2021 U.S. corn and soybean production estimates.
Corn is now projected at 14.996 billion bushels, up 2% from August, with an average yield of 176.3 bushels per acre, 1.7 more than the last guess, and increases for both planted and harvested area. Planted area was reported at 93.304 million acres, with harvested area at 85.085 million acres.
Soybeans are pegged at 4.374 billion bushels, 1% higher, with an average yield of 50.6 bushels per acre, a gain of six tenths, despite modest reductions for acreage. Planted area is now seen at 87.235 million acres, with harvested area at 86.436 million acres.
The USDA also raised old and new crop U.S. ending stocks outlooks, while lowering the U.S. wheat carryout.
The numbers are subject to change, with corn and soybean harvest activity just getting underway in some key U.S. growing areas.