The grain trade expects USDA to report larger U.S. corn and soybean crops when it releases its second survey estimate of 2007 production on Wednesday morning.
Trade estimates of U.S. corn production average 13.128 billion bushels in a range from 12.767 to 13.416 billion bushels, compared with USDA’s August estimate of 13.054 billion bushels and last year’s 10.535-billion-bushel crop, according to a survey taken by Dow Jones Newswires.
Estimates of the soybean crop average 2.650 billion bushels in a range from 2.562 to 2.740 billion bushels, compared with USDA’s August estimate of 2.625 billion bushels and last year’s 3.188-billion-bushel crop.
Expectations are for USDA to raise its yield estimates slightly for both crops based on good early harvest results.
Trade estimates of the U.S. corn yield average 153.7 bu./acre in a range from 149.5 to 157.1 bu., versus USDA’s August estimate of 152.8 bu./acre and last year’s 149.1-bu. yield.
Estimates of the national soybean yield average 41.9 bu./acre in a range from 40.5 to 43.3 bu., versus USDA’s August estimate of 41.5 bu./acre and last year’s 42.7-bu. yield.
Editor’s note: Richard Brock, The Corn And Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.