Barchart Raises U.S. Crop Forecasts on Higher Yields

Barchart raised is predictions for U.S. crops in its latest forecast, while still falling short of USDA numbers.

The U.S. corn forecast is 15 billion bushels on a yield of 180.3 bushels per acre. That’s compared to USDA’s 15.1 billion bushels of production and 179.5 bushels per acre. Barchart predicts U.S. soybean production will be 4.4 billion bushels on a yield of 51 bushels per acre. This compares to USDA’s forecast of 4.48 billion bushels and 50.8 bushels per acre.

“Our forecasts for U.S. field crop production have been revised higher on the back of increased yield expectations for both corn and soybeans and are now broadly in line with USDA’s most recent predictions,” says Keith Peterson of Barchart.

The company predicts the U.S. Hard Red Winter Wheat yield will be 45.5 bushels per acre, compared to USDA’s yield forecast of 53.6 bushels per acre, including all winter wheat varieties.

Their Canadian wheat forecast is for 816 million bushels, and the soybean forecast is for 225.2 million bushels, with a yield of 42.6 bushels per acre.

“We’ve cut our Canadian production forecasts for both soybeans and wheat, with the Spring Wheat forecast down almost 10 percent from July,” Petersen says. “This comes on the back of severe drought conditions across the Canadian prairies.”