Related News:
U.S. Corn, Soy Crops Will Be Smaller Than USDA Forecasts, Allendale Says
The U.S. corn and soybean crops will be smaller than the government predicted in August, though still the biggest ever, as hot, dry weather reduces yields, said Allendale Inc., citing a survey of farmers.
The corn crop will be 13.147 billion bushels, down 1.6 percent from the U.S. Department of Agriculture’s August forecast of 13.365 billion, while 0.3 percent bigger than last year’s record harvest, Allendale said today in a statement. Yields will average 162.3 bushels an acre, down from 164.7 bushels a year ago, the researcher and brokerage said.
The soybean crop will be 3.37 billion bushels, 1.8 percent smaller than the USDA’s forecast of 3.433 billion, McHenry, Illinois-based Allendale said. That compares with last year’s record harvest of 3.359 billion. The average yield will be 43.2 bushel, down from 44 bushels last year, according to Allendale.
Corn-yield estimates by survey respondents ranged from 260 bushels an acre in Butler County, Nebraska, to 25 bushels in Essex County, Virginia, Allendale said. The highest soybean yield estimate, 75 bushels an acre, was reported in Fillmore County, Nebraska, with 12 bushels an acre expected in Virginia’s Essex County.
Allendale’s 21th annual survey of farmers in 25 states was conducted from Aug. 9 to Aug. 27. The company didn’t disclose the number of participants. The U.S. is the biggest producer and exporter of corn and soybeans.
The USDA will update its production forecasts on Sept. 10 at 8:30 a.m. in Washington after surveying farmers and making objective yield tests in selected fields across the Midwest.
Corn, Soybean Futures
Corn futures for December rose 0.75 cent, or 0.2 percent, to close at $4.475 a bushel yesterday on the Chicago Board of Trade. Earlier today, the price touched $4.49, the highest level since June 2009. The commodity surged 8 percent in August as Russia halted grain exports following the most-severe drought in at least 50 years.
Soybean futures for November delivery rose 3.5 cents, or 0.3 percent, to $10.09 a bushel yesterday in Chicago. The most- active contract reached a seven-month high of $10.49 on Aug. 5.
Last year’s 13.11 billion-bushel corn crop was valued at a $48.6 billion, followed by soybeans at $31.8 billion, government figures show.
To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net
Rate These Stories
Rate this Page