The most recent estimates of the U.S. corn and soybean crops are in, and the numbers are slightly lower than anticipated.
Significant drought in a large area of the U.S. is dragging down the United States Department of Agriculture’s projected average corn yield, now pegged at 174.6 bu/ac down from 179.5 bu/ac a month ago.
Soybean crop production was also dialled back .8 bu/ac to an even 50 bu/ac.
Initial trading was positive for both corn and soybean prices.
Ending stock projections for corn were adjusted downward and settled in just below 1.2 billion bushels
The 2021/22 global oilseed supply and demand forecasts include lower production, crush, exports, and slightly higher ending stocks compared to last month. The WASDE pegs non-U.S. oilseed production down 3.6 million tons to 501.4 million, reflecting lower canola production for Canada and sunflowerseed for Russia. The U.S. is estimating Canada’s canola crop shrunk by 4.2 million tonnes.
Percentage Change in US State Level Corn Yields from 2020 Final Yield. pic.twitter.com/wZ54nyHhHY
— Ben Brown (@BenBrownMU) August 12, 2021
The outlook for new-crop U.S. #corn carryout at 1.242 billion bushels is the smallest for this point in the cycle in 9 years. Old-crop carryout at 1.117 bbu is an 8-year low, but USDA this month increased that number for the first time in a year after a demand trim. pic.twitter.com/LxKi3iPaug
— Karen Braun (@kannbwx) August 12, 2021
See the full report, here.