USDA raises crop estimates
USDA raised corn and soybean production estimates in Wednesday’s crop report which was considered bearish.
Corn production is forecast at 14.8 billion bushels, up 2 percent from August and up 2 percent from last year. Based on conditions as of September 1, yields are expected to average 181.3 bushels per acre, up 2.9 bushels from the August forecast and up 4.7 bushels from 2017. If realized, this will be the highest yield on record for the United States. Area harvested for grain is forecast at 81.8 million acres, unchanged from the August forecast, but down 1 percent from 2017.
Soybean production is forecast at a record 4.69 billion bushels, up 2 percent from August and up 7 percent from last year. Based on September 1 conditions, yields are expected to average a record high 52.8 bushels per acre, up 1.2 bushels from last month and up 3.7 bushels from last year. Area for harvest in the United States is forecast at 88.9 million acres, unchanged from August but down 1 percent from 2017.
Following Wednesday’s report, corn was down 12, soybeans up 4 and wheat was down 8. According to Merrill Crowley with Midwest Market Solutions, soybeans were supported by the U.S. invitation to China for more trade talks. Also, yields and stocks were only slightly higher than average guesses.
Illinois information:
Corn: Planted area is estimated at 11.00 million acres, down 2 percent from last year. Harvested area, forecast at 10.85 million acres, is down 1 percent from 2017. Based on September 1 conditions, the Illinois corn yield is forecast at a record 214 bushels per acre, up 7 bushels from last month and up 13 bushels from 2017. Production is forecast at 2.32 billion bushels, up 5 percent from last year’s production. If realized, this would be the second highest production on record.
Soybeans: Planted area is estimated at 10.90 million acres, up 3 percent from last year. Harvested area, forecast at 10.85 million acres, is up 3 percent from 2017. Based on September 1 conditions, the Illinois soybean yield is forecast at 66 bushels per acre, up 8 bushels from 2017. Production is forecast at 716 million bushels, up 17 percent from 2017 and the highest production level on record for Illinois.
