Yields come in below expectations

In Friday’s USDA report, the U.S. corn and soybean yields came in below expectations.

NASS had the August corn yield at 175.1 with production at 15.111. The trade average guess on corn was 175.5 and production at 15.135. The August soybean yield is pegged at 50.9 with production of 4.205. Average trade guesses were at 51.3 with production of 4.246.

The corn production forecast at 15.1 billion bushels is up 10 percent from 2022. Based on conditions as of August 1, yields are expected to average 175.1 bushels per harvested acre, up 1.8 bushels from last year. Area

harvested for grain, forecast at 86.3 million acres, is unchanged from the June forecast but up 9 percent from the previous year.

Soybean production forecast of 4.21 billion bushels is down 2 percent from 2022. Based on conditions as of August 1, yields are expected to average 50.9 bushels per harvested acre, up 1.4 bushels from 2022. Area harvested for beans in the United States is forecast at 82.7 million acres, unchanged from the previous forecast but down 4 percent from 2022.

All wheat production for grain is forecast at 1.73 billion bushels, down less than a percent from the previous forecast but up 5 percent from 2022. Based on Aug. 1 conditions, yields are expected to average 45.8 bushels per harvested acre, down 0.3 bushel from the previous forecast and down 0.7 bushels from 2022. Area harvested for grain is forecasted at 37.9 million acres, which is less than a percent from the previous forecast and up 7 percent from 2022.