Market News

Allendale survey points to further reductions in crop size

Allendale’s annual yield survey shows widely varied numbers for corn and soybeans and point to further reductions in crop size.

Allendale projects corn at 10.326 billion bushels with an average yield of 118.2 bushels per acre. The low yield was in numerous spots at 0 bushels per acre and Cimmaron, Oklahoma had the high at 250 bushels per acre. The estimated frost free date for corn is September 20, and producers expect the December corn price to range from $7.35 to $8.85 per bushel.

Allendale expects soybeans to be around 2.602 billion bushels with an average yield of 34.9 bushels per acre. The low yield on beans was also 0, also found in numerous areas, while the high was in Lancaster, Pennsylvania at 80 bushels per acre. The estimated frost free date on beans is September 21, and producers expect November soybean prices to range from $15.35 to $18.25 per bushel.

The survey was based on producer yields in 32 states and conducted from August 20 to 31.

On August 12, USDA projected corn at 10.779 billion bushels with an average yield of 123.4 bushels per acre and harvested acreage of 87.361 million acres. Soybeans were estimated at 2.692 billion bushels with an average yield of 36.1 bushels per acre and harvested acreage of 74.635 million acres.

USDA’s next 2012 corn and soybean production estimates are out September 12.