US Department of Agriculture increases vision for corn crop, lowers prospects for soybean production

the USDA lowered its forecast for soybean production on a month-to-month basis, while slightly raising its outlook for corn.

This year’s U.S. soybean crop is estimated at 4.425 billion bushels as of Nov. 1, down 1% from October due to a drop in yield to 51.2 bushels per acre, but up 7% from 2020. Corn production is expected to reach 15.062 billion bushels, up slightly from the previous month, with an average yield of 177 bushels per acre, up half a bushel from the previous year. Estimates of harvested area remained unchanged. These numbers are subject to change as the U.S. corn and soybean harvest continues.

In 2020, the United States produced 4.216 billion bushels of soybeans at an average yield of 51 bushels per acre, and 14,112 billion bushels of corn with an average yield of 171.4 bushels per acre.

Due to a larger estimate of ethanol use, the USDA reduced ending corn stocks, pushed soybean stocks up based on slowing export demand, and increased wheat ending stocks due to flour mill data.

Overall, the USDA lowered its estimate by argentina soybean crop but raised his outlook for Corn harvest in Argentina, and although production estimates for Brazil remained constant, the agency improved the projection of Brazilian soybean exports while lowering the estimate of imports from China.

Soybean and corn futures rose sharply after the news broke, while wheat futures extended their gains.

The latest USDA supply, demand and production forecasts will be released on December 9.

Brownfield comparisons

Arkansas: But: 151.89 million bushels, against 111.32 million in 2020; average yield of 183 bushels per acre, compared to 184 a month and a year earlier; harvested area of 830,000 acres, from 605,000 Last year; Soy : 150.5 million bushels, against 144.2 million in 2020; average yield of 50 bushels per acre, down from 50 a month ago and 51.5 one year ago; harvested area of ​​3.01 million acres, compared to 2.8 million last year; harvested area of 3.01 million acres, up from 2.8 million last year

Illinois: But: 2,236 billion bushels, compared to 2.12 billion 2020; average yield of 207 bushels per acre, compared to 210 a month ago and 191 last year; harvested area of ​​10.8 million acres, compared to 11.1 million last year; Soy: 675.2 million bushels, against 615 million in 2020; record average yield of 64 bushels per acre, compared to 64 a month ago and 60 a year ago; harvested area of ​​10.55 million bushels, compared to 10.25 million last year;

Indiana: But: 992.25 million bushels, against 981.75 million in 2020; record average yield of 189 bushels per acre, compared to 194 a month ago and 187 a year ago; harvested area of 5.25 million acres, unchanged from the previous year; Soy: 324.33 million bushels, compared to 338.07 million in 2020; average yield of 57 bushels per acre, compared to 60 a month ago and 59 a year ago; harvested area of 5.69 million acres, up from 5.73 million last year; harvested area of 5.69 million acres, compared to 5.