News
USDA raises corn crop guess, lowers soybean outlook
The USDA has made a month to month cut in its soybean production estimate, while raising the outlook for corn slightly.
As of November 1st, this year’s U.S. soybean crop is seen at 4.425 billion bushels, 1% less than October following a cut in yield to 51.2 bushels per acre, but 7% more than 2020. Corn is projected at 15.062 billion bushels, up modestly on the month, with a half a bushel increase in average yield to 177 bushels per acre, and 7% higher than a year ago. There were no changes to harvested area estimates. These numbers are subject to change with the U.S. corn and soybean harvests ongoing.
In 2020, U.S. soybean production was 4.216 billion bushels with an average yield of 51 bushels per acre and corn totaled 14.112 billion bushels with an average yield of 171.4 bushels per acre.
The USDA lowered U.S. corn ending stocks due to a bigger ethanol use guess, pushed soybean stocks higher on slower export demand, and raised wheat ending stocks because of flour milling data.
Globally, the USDA cut its outlook for Argentina’s soybean crop, but increased the estimate for Argentina’s corn crop, and while production expectations for Brazil were unchanged, the department did raise Brazil’s soybean export guess, while lowering the import projection for China.
Just after the release of the report, soybean and corn futures turned higher, while wheat built on its earlier gains.
The USDA’s next set of supply, demand, and production estimates is out December 9th.
