CHICAGO (Reuters) — Research advisory firm Allendale Inc. said on Wednesday it forecast the 2014 U.S. corn crop at 14.409 billion bushels and soybeans at 3.884 billion, both above the government’s latest estimates, based on a survey of farmers in 27 states.
The projections reflect an average yield forecast of 171.9 bushels per acre for corn and 46.4 bushels for soybeans.
Timely rains and cool temperatures this summer were seen boosting yield potential for both corn and soybeans. Crops in the northern states lagged in maturity due to planting delays and were at risk if hit by an early frost.
Allendale’s estimates compare with the U.S. Department of Agriculture’s forecast for a 14.032 billion-bushel corn crop, with an average yield of 167.4 bpa, and soybean production at 3.816 billion bushels with a yield of 45.4 bpa.
The survey was conducted Aug. 18-29.
USDA will update its U.S. corn and soybean crop projections on Sept. 11.
