USDA expected to raise U.S. corn, soybean crop estimates
The USDA will likely raise its’ corn and soybean yield and production numbers Wednesday.
On average, analysts expect the projections for both major U.S. crops to be up modestly on the month, with the potential for record corn production and near record soybean production because of better than average crop condition ratings and increased planted area.
The average guess for corn is 15.174 billion bushels with an average yield of 180.5 bushels per acre, while soybeans are seen at 4.254 billion bushels with a yield of 51.2 bushels per acre.
Weather has been widely varied during the growing season and the numbers would not take into account any recent damage from high temperatures or severe storms.
The report is out on the 12th at Noon Eastern/11 Central.