USDA’s next crop reports, including the monthly World Agriculture Supply and Demand Estimates, will be released this Wednesday. In its preliminary estimates report, Informa Economics cut its corn yield estimate by 1.5 bushels per acre from last month. At 149.5 bushels per acre, Informa’s estimate is still 1.4 bushels above USDA’s September estimate. Informa’s corn production estimate of 12.5 billion bushels is down almost 200 million bushels from last month. Informa also raised its soybean yield three-tenths of a bushel to 41.8 bushels per acre. That’s the same as USDA’s current estimate.
Meanwhile, Allendale has raised its corn yield estimate two bushels per acre, to 149.7 bushels. Allendale also reduced harvested acres by 500-thousand, resulting in a corn crop of more than 12.5-billion bushels. According to Allendale, the recent 21 percent decrease in corn prices will cause USDA to moderately increase usage. Allendale also raised its soybean yield estimate from 40.7 to 41.9 bushels per acre. With a 250-thousand acre reduction in harvested acreage, production will total a little over three billion bushels.