OMAHA — USDA estimates this year’s national average corn yield will be 166 bpa, unchanged from last month. Its average soybean yield forecast is 48.5 bpa, 1 bushel lower than last month.
Overall production numbers — at 13.88 billion bushels for corn and 3.85 billion bushels for soybeans — are based on the June 28 Acreage report, which said farmers planted 91.7 million acres to corn and 80 million acres to soybeans. Those figures come with asterisks given the large amount of unplanted acres at the time. USDA is resurveying farmers, and it will incorporate that updated data into its next WASDE report on August 12.
The corn production estimate was toward the high end of pre-report expectations, while the soybean estimate was close to the average trader guess.
USDA estimates corn ending stocks for the 2019-20 marketing year at 2.01 billion bushels, 335 mb higher than last month. Soybean ending stocks, at 795 million bushels, are 250 mb lower than last month.
Thursday’s new U.S. ending stocks estimates were bearish for corn, neutral for soybeans and bullish for wheat, said DTN Lead Analyst Todd Hultman. Thursday’s 2019-20 world ending stocks estimates from USDA were bearish for corn and bullish for soybeans and wheat, he said.
You can also access the full reports here:
— Crop Production: https://www.nass.usda.gov/…
— World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…
|U.S. PRODUCTION (Million Bushels) 2019-20|
|U.S. AVERAGE YIELD (Bushels Per Acre) 2019-20 (WASDE)|
|U.S. ENDING STOCKS (Million Bushels) 2018-2019|
|U.S. ENDING STOCKS (Million Bushels) 2019-20|
|WORLD ENDING STOCKS (Million metric tons) 2018-2019|
|WORLD ENDING STOCKS (million metric tons) 2019-20|
|WORLD PRODUCTION (million metric tons) 2018-19|
|U.S. WHEAT PRODUCTION (million bushels) 2019-20|