MarketsFarm — Adverse weather over the past month cut into the yield prospects for soybeans and corn in the U.S., according to updated estimates released Friday from the U.S. Department of Agriculture.
Average soybean yields in the country are now forecast at 51.9 bushels per acre. That was down from the August estimate of 53.3 bu/ac, but in line with trade estimates.
Total soybean production, at 4.313 billion bushels, would be down from the previous estimate of 4.425 billion bushels but still well above the 3.552 billion bushels grown the previous year.
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Declines in projected planting intentions for 2026/27 were not as big as the market expected, after the United States Department of Agriculture released its estimates on March 31. The USDA also issued its quarterly grain stocks report with stocks for soybeans bigger than anticipated, while those for corn were smaller and wheat virtually matched the average trade guess.
U.S. soybean ending stocks are forecast to tighten to 460 million bushels. That compares with the August forecast of 610 million and the 2019/20 carryout of 575 million.
Corn yields were down by 3.3 bu./ac. from August, to a revised forecast of 178.5 bu./ac. That would still be a record for the crop, and compares with the 167.4 bu./ac. reported in 2019-20.
U.S. corn production for 2020-21 is projected at 14.9 billion bushels, which would be up 9.4 per cent on the year.
Projected U.S. corn ending stocks for 2020-21 of 2.503 billion bushels compare with the estimated 2.253 billion bushels carried over the previous year.
