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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.
USDA Released the World Agriculture Supply and Demand Estimates Report (WASDE) today and the market has reacted by pushing futures prices lower.To see the latest market prices and charts clickMarkets Quotes & Charts: /markets
Corn WASDE: Corn Production Forecast 15.093 Billion Bushels, Down 61 million From Last Month
Wheat WASDE: U.S. Wheat Supply & Demand Estimates Are Unchanged From Last Month
Soybean WASDE: Soybean Production Up 141 million Due To Higher Yield Forecast
Cotton WASDE: U.S. cotton Estimates Include Larger Production Relative To Last Month
Livestock, Poultry, And Dairy WASDE: Total Red Meat & Poultry Production Reduced From Last Month
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Source: USDA