The latest USDA World Agricultural Supply and Demand Estimates
report boosted estimates for the nation’s soybean harvest and the total
corn harvest. With weather woes in Upper Midwestern states, the agency
did lower forecasted harvested acres of corn by 700,000 acres from
last month’s estimates. USDA is now expecting farmers to harvest 3.8
million fewer acres of corn than were harvest a year ago. However, the
average corn yield is expected to be a record-setting 183.1 bushels per
acre, up 2.1 bushels from last month’s projection. The total corn harvest
is expected to come in at 15.1 billion bushels, up 47 million bushels
from last month’s projection. Soybean yields were increased in this
month’s forecast, with the agency expecting an average yield of 53.2
bushels per acre, up 5.2 percent from last year and a new all-time high.
The season-average corn price received by producers is lowered 10
cents to $4.20 per bushel. The soybean meal price is forecast at $320
per short ton, down 10 dollars.