Information released by USDA this week moved the markets.
Corn yield was increased to 175.3 bushels per acre, compared to 173.4 in the October report with an average guess of 173. Wayne Nelson of L&M Commodities says yields in Minnesota and the Dakotas were increased as well.
“That was a little bit of a surprise,” Nelson told The Central Illinois Farm Network.
Soybeans were at 52.5 bushels per acre while the October report said 51.5 and everyone was predicting 52. The soybean carryout was increased and that was hard on prices after the report was issued.
“We had a lot of extra beans to what they thought there was going to be,” added Nelson.
Illinois information released:
USDA had the Illinois corn planted area at 11.7 million acres, unchanged from last year. Harvested area was also unchanged. The state’s corn yield is forecast at a record 202 bushels per acre, which is up 27 bushels from 2015. Production is unchanged from October but up 15 percent from last year. If realized, this would be the second highest state production on record behind 2014.
For soybeans, planted area is estimated at 10.1 million acres, up just three percent from 2015. Harvested area is also up from last year. Based on Nov. 1 conditions, the state’s soybean yield is forecast at 62 bushels per acre, a six bushel increase from 2015. If realized, this would be the highest yield on record for Illinois. Production is expected to reach a record-setting 623 million bushels, which is a 14 percent increase from the previous year.