This week was a very intense week for crop scouts and the Pro Farmer crew led by Chip Flory and Brain Grete. After the USDA caused quite an uproar a couple weeks ago with their August crop estimate report which came in above analysts expectations there was much anticipation for the Farm Journal crop tour.
Based on an assumption of normal weather the Pro Farmer team came up with the following yields estimates for corn and soybeans. You can find more of the state by state commentary at AgWeb.com. A big thank you to Matthew Pot for the below graphics.
The graphics are courtesy of Matthew Pot, Grain Perspectives. You can subscribe to Matt’s daily market summary by clicking here to find out more. Matt produces great easy to consume graphics like this every day for you to easily understand the information you need to make better marketing decisions for your farm.
Pro Farmer also made the following calculations on the overall corn and soybean estimated production:
Corn: 13.953 billion bu.; Average yield of 167.1 bu. per acre
Corn +/- 1% = 14.093 billion bu. to 13.813 billion bu.; 168.8 bu. to 165.4 bu. per acre
Soybeans: 4.331 billion bu.; Average yield of 48.5 bu. per acre
Soybeans +/- 2% = 4.418 billion bu. to 4.244 billion bu.; 49.5 bu. to 47.6 bu. per acre
Although it can be suggested that the Pro Farmer Tour justifies the August USDA report, some farmers are still skeptical when they look out their window and see some of the crop conditions that they have personally.
It is clear that the market has been justified in the last month to not react to much of the talk that corn yield could be in the low 160’s for yield.
Once farmers start harvesting much of this will be more clear but the reality is that the market’s abundance of corn stocks will not be fixed in this crop year is the USDA and Pro Farmer are correct.