Market News

Farm Futures expects lower corn, soybean crop numbers

Ahead of Friday’s final 2013 corn and soybean production numbers from USDA, Farm Futures expects big crops, but maybe not as large as USDA’s November estimates.

Following a survey of 1,600 growers, Farm Futures sees corn at a record 13.897 billion bushels, down 92 million from USDA’s November guess due to fewer harvested acres and a slight reduction in average yield. Farm Futures has the average corn yield at 159.8 bushels per acre and sees harvested area at 86.96 million acres.

Soybeans are pegged at 3.254 billion bushels, 4 million under the November report, with a slightly lower average yield estimate cancelling out a modest increase in harvested area. Farm Futures projects soybean yield at an average of 42.7 bushels per acre, with harvested area at 76.21 million acres.

USDA will also be putting out its first winter wheat acreage estimate of the year, Farm Futures sees acreage at 43.347 million acres, in addition to updated domestic and international supply and demand numbers.

The reports are out Friday, January 10 at Noon Eastern/11 AM Central.