USDA raises soybean/corn yield expectations

Winnipeg,(MarketsFarm) – Corn and soybean yields in the United States ended up slightly better than earlier expectations, according to updated production estimates from the U.S. Department of Agriculture released last week.

Corn yields were upped to 168 bushels per acre, from 167 bu/ac in the December report. Meanwhile soybean yields were raised by half of a bushel, to 47.4 bu/ac. Average pre-report trade guesses had been for slight declines in yields for both crops.

Total soybean production was pegged at 3.56 billion bushels. While that would be up slightly from the previous estimate of 3.55 billion bushels, it’s still well below the 4.43 billion bushels grown the previous year.

Corn production of 13.69 billion bushels would also be up slightly from the December forecast of 13.66 billion, but well below the 14.34 billion bushels grown in 2018/19.

Projected soybean ending stocks for the 2019/20 crop year were left unchanged at 475 million bushels, while the corn carryout was forecast to tighten to 1.89 billion bushels.

The first official winter wheat acreage estimates for the year were also released in a separate report on Friday. The USDA pegged total plantings at 30.80 million acres, which would be down from the 31.16 million acres seeded the previous year.

Of the total, hard red winter wheat was expected to be down by 660,000 acres on the year at 21.80 million acres. White winter wheat was forecast to decline by 3.7 per cent, to 3.37 million acres. Soft red winter wheat was pegged at 5.64 million acres, which would be up by 440,000 acres from the previous year.

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