USDA sees record corn crop, but estimate likely to change


USDA sees record corn crop, but estimate likely to change

The USDA has raised its 2020 domestic production projections for corn and soybeans. This report does not take into account any losses due to damage reported since August 1st, those adjustments will be reflected in upcoming reports.

For now, U.S. corn production is estimated at a record 15.278 billion bushels, an increase of 278 million from July and 12% from 2019, with an average yield of 181.8 bushels per acre, a jump of 14.4 bushels on the year, and harvested area of 84.0 million acres, steady with June and 3% higher than a year ago.

Soybeans are seen at 4.425 billion bushels, 147 million more than last month and 25% larger than last year, with a record average yield of 53.3 bushels per acre, 5.9 bushels above the previous year, and harvested area of 83.0 million acres, unchanged from June and up 11% on the year.

Wheat production was down 2% on the month at 1.838 billion bushels, as a 2% cut in winter wheat to 1.198 billion bushels canceled out a 5% rise for non-durum spring wheat at 577.485 million bushels. All types of wheat are expected to average 50.1 bushels per acre, up 0.4 from the last guess, but down 1.6 from 2019, with harvested area of 36.7 million acres, 1% below the year before. The average yield for winter wheat is pegged at 51.1 bushels per acre, down 0.9 from July and 2.5 lower than last year, with harvested area of 23.439 million acres, 4% under a year ago. The average yield for non-durum spring wheat is seen at a record high 49.0 bushels per acre, up 2.4 from July 1st and 0.8 from 2019, with harvested area of 11.795 million acres, 1% more than last year.

The USDA’s next production update is out September 11th.

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