USDA lowers corn, soybean production estimates
The USDA has lowered 2020 production outlooks for corn and soybeans.
Corn is projected at 14.722 billion bushels, less than 1% below the September estimate, but up 8% on the year with the yield seen at a record high 178.4 bushels per acre, down 0.1 on the month and up 10.9 on the year. Harvested area is seen at 82.527 million acres, compared to 83.473 million a month ago and 81.337 a year ago.
Soybeans are pegged at 4.268 billion bushels, 1% lower than last month but up 20% from last year, with a record average yield of 51.9 bushels per acre, steady with a month ago and up 4.5 from a year ago. Harvested area is expected to be 82.289 million acres, compared to 83.020 million in September and 74.939 million acres in 2019.
The cuts were larger than what analysts were expecting heading into the report.
The USDA’s next set of supply, demand, and production estimates is out November 10th.