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Harvest results expected to be driving factor of USDA’s October yield estimates

A commodity market analyst says he wouldn’t be surprised to see a slight boost to the national corn yield and minor decrease to the national soybean yield in USDA’s October projections. 

Matt Bennett, co-founder of AgMarket.net, also farms in central Illinois. He tells Brownfield so far, corn yields have been better than expected and the report should reflect that, but he says “My gut feeling is you’re not going get something that’s going to turn the tide of these markets, which right now kind of seems like a sharply sideways pattern for corn.”

He says soybeans are drying down fast and later maturing varieties aren’t yielding as well, so he predicts that estimate could come down a notch.

“Most of the elevator systems I’ve talked to are talking about producers bringing in 9% and 10% soybeans. Is that going to make its way into the yield discussion at some point? I guess I have a hard time thinking that it won’t.”

Bennet says the most recent projections from AgMarket.net peg the national corn yield at 174 and soybeans at 49.9 bushels per acre.

USDA’s October crop production and yield estimates will be released Thursday at 11CST/ Noon EST.

Audio: Interview with Matt Bennett 10/6/23

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