Monday’s Crop Production report from the Department of Agriculture predicts a 19 percent drop in soybean production and a decrease of four percent in corn production from last year, forecast at 13.9 billion bushels.
Area for soybean harvest is forecast at 75.9 million acres with planted area for the nation estimated at 76.7 million acres, down four percent from the June estimate, and down 14 percent from last year.
Acres planted to corn, at 90.0 million, are down two percent from the June estimate but up two percent from 2018. The figures include the information stemming from a resurvey of planted acres.
The data surprised commodity markets, as traders say the numbers are higher than expected for corn production. The monthly World Agriculture Supply and Demand report, reflecting its data and the Crop Production report, lowered the season-average corn price 10 cents to $3.60 per bushel. The season-average soybean price was unchanged at $8.40 per bushel.
The Farm Service Agency reports farmers were unable to plant a record 19 million acres this year. The recent round of Department of Agriculture reports Monday details the prevented plant acres, which are 17.49 million more than last year. Of those prevented plant acres, more than 73 percent were in 12 Midwestern states, where heavy rainfall and flooding has prevented many producers from planting mostly corn, soybeans and wheat. The data suggests prevented plant acres total 11.2 million acres for corn and 4.4 million acres for soybeans.