USDA Raises U.S. Corn and Soybean Expectations Above Record Estimates
After a season of consistently increasing estimates for U.S. corn and soybean production this year, the U.S. Department of Agriculture (USDA), which has already forecast record crops, has once again raised its estimates for U.S. corn and soybean output due to higher than expected yields in the key states of Iowa, Minnesota, and Ohio.
The Department now expects a U.S. corn crop of 15.226 billion bushels with an average yield of 175.3 bushels per acre. This is raised from the department’s October estimate of 15.057 billion bushels with an average yield of 173.4 bushels per acre.
The U.S. soybean crop is now expected to reach 4.361 billion bushels with an average yield of 52.5 bushels per acre – an increase of 92 million bushels over the department’s October estimate when it forecast an average yield of 51.4 bushels per acre.
In an unexpected move, the USDA also increased its forecast for corn ending stocks from 2.320 billion bushels to 2.403 billion bushels – the fifth highest level on record.
Soybean ending stocks are being set at 480 million bushels – 85 million bushels over its previous estimate of 395 million bushels, and the third highest ending stock on record.