As Harvest Wraps Up, USDA Raises Soybean and Corn Crop Results
As the U.S. soybean and corn harvests are finishing, the U.S. Department of Agriculture (USDA) has raised its crop expectations in an update issued November 10, indicating the possibility of further downward pressure on prices that are already below the cost of production.
With the current harvest 95% complete, U.S. farmers are forecast to produce a record soybean crop equaling 3.98 billion bushels, representing output that is one percent above last year. Illinois is expected to be the top soybean producing state, producing 550.5 million bushels.
In addition, with 93% of the U.S. corn crop harvested, this year’s corn crop is expected to be the third largest ever recorded at 13.7 billion bushels. Iowa is expected to be the country’s top corn producing state, with 2.49 billion bushels.