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The USDA raised its outlook for this year’s soybean crop, while lowering the estimate for corn. U.S. crop conditions and development rates have generally held at high levels, but some key growing areas have experienced crop weather issues this growing season, ranging from extremely wet weather to drought or near drought conditions.
As of September 1st, this year’s soybean crop is expected to be 4.201 billion bushels, up 3% from the August guess, with a record average yield of 50.6 bushels per acre and harvested area of 83.037 million acres. Corn is currently seen at 15.093 billion bushels with an average yield of 174.4 bushels per acre, both down on the month, but if realized, new record highs, and harvested area of 86.55 million acres.
World Agricultural Supply and Demand Estimates Report (WASDE)
The World Agricultural Outlook Board (WAOB) serves as USDA’s focal point for economic intelligence and the commodity outlook for U.S. and world agriculture. The Board coordinates, reviews, and approves the monthly World Agricultural Supply and Demand Estimates (WASDE) report, houses OCE's Joint Agricultural Weather Facility, and coordinates USDA's Agricultural Outlook Forum. |
Source: USDA