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USDA raises corn, soy harvest outlooks, surprising markets

13 September, 2017, 14:34 | Author: Jeff Stephens
  • Wheat drops

Soybean yield is forecast at 45 bushels per acre, down 4.5 bushels from past year. Area harvested for grain is forecast at 83.5 million acres, unchanged from the August forecast but down 4 percent from 2016. If realized, this will be the third highest yield and production on record for the United States.

In a special note, the USDA said changes to harvested area in states impacted by Hurricanes Harvey and Irma were not fully reflected in the September Crop Report because of when data were collected.

November Soybean fell 9.5 cents, or 0.99%, to 9.505 bu.

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Soybeans per acre could decline by about 13 percent, from 55 bushels per acre past year to 48 bushels per acre, according to the release.

The average yield for corn is forecast at 145 bushels per acre, down 16 bushels from past year.

The September crop report was once again bearish as USDA raised production estimates for corn and soybeans, and futures prices dipped accordingly yesterday after the release. Harvested area was forecast at a record 88.7 million acres, unchanged from August but up 7% from 2016.

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About 5% of the US corn crop was harvested as of Sunday, just behind the prior five-year average of 6%, according to the Department of Agriculture. Last week, crop watchers said 50% was in good condition; 11% excellent and 28% fair condition. Total production is forecast at 918 million bushels, down 3 percent from a year ago.

North Dakota farmers are expected to harvest a bigger soybean crop than past year, but the state's corn harvest is expected to be down. The new wheat forecast pushed its futures higher, prompting a 1.69 percent increase.

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