August 16, 2022
Fargo, US 79 F

USDA cuts Yields and Production

Government forecasters say drought in much of the Midwest is taking a toll on corn and soybean yields.

USDA said in its monthy supply and demand report that the average corn yield this year is now estimated to be 146 bushels per acre – down from the 166 bushels per acre predicted last month.  Farmers are now forecast to produce 12.97 billion bushels of corn this year.  That’s still more than the 12.358 billion bushels that farmers produced last year.

USDA cut its forecast for the average soybean yield to 40.5 bushels per acre, down from the 43.9 bpa predicted a month ago.  Soybean production this year is now forecast at 3.05 billion bushels, about 5% lower that USDA had forecast a month ago.

On a conference call with farm reporters following the report, Jim Bower, President of Bower Trading Incorporated, said USDA’s report reflects deteriorating conditions in much of the Midwest and elsewhere…

 Bower 1          :32  Q:  some key areas…

For soybeans, Bower thought the yield number took some traders by surprise… 

Bower 2              :30  Q:  do recognize that…

With the report numbers out of the way, Bower believes the focus for soybeans will turn back to weather — and the forecasts don’t look promising…

  Bower 3         :22  Q:  on the U.S. crop…

Go here see the complete report numbers.

 

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