The US Department of Agriculture on Friday corrected corn data it issued in September, citing a "processing error" that fed growing doubts among farmers and analysts about the reliability of government crop forecasts that often move markets.
The USDA's crop estimates have faced growing scrutiny from grain traders, farmers and economists because of a string of data missteps. USDA data, long viewed as the gold standard of global agricultural market information, will face increased doubts following revisions to last month's estimates, analysts said.
The agency's National Agricultural Statistics Service discovered the error after concerns arose about a crop report this month that projected US farmers would harvest more bushels of corn than previously expected, according to the agency statement. The bigger-than-expected crop forecast tanked US corn futures at a time when farmers were grappling with soaring costs for fuel and other inputs.
On Friday, the USDA revised its September yield estimate in Nebraska, the third biggest US corn-producing state, to 182 bushels per acre from its original September estimate of 177 bushels, a nearly 3% increase. For Kansas, the agency reduced its September yield estimate by about 2% to 118 bushels per acre, from its original figure of 121 bushels.
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