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Strong corn and soybean yields with market support

An ag economist says corn and soybean yields around the Midwest are looking above average with a few exceptions.

Gary Schnitkey with the University of Illinois tells Brownfield in spite of above average yields, the corn and soybean markets are strengthening.

“It’s primarily due to strong demand from China,” he said. “China has been buying soybeans and other agricultural commodities so that’s strengthened our outlook.”

He said the derecho wind event in Iowa has also added support to the market.

Schnitkey said farmers might want to sell more grain than normal for this time of year and capitalize on the market’s strength now.

“The strength of the markets right now leaves you scratching your head some,” he said. “COVID-19 hasn’t been kind to agricultural products so, what we’re looking at now is good.”

Looking ahead, he said soybeans look more profitable next year than corn. Schnitkey says farmers shouldn’t count on COVID relief payments heading into next year.

The national corn yield is expected to be above 178 bushels per acre with Illinois and Minnesota projected to be over 200 bushels an acre.

Soybeans are projected to be nearly 52 bushels an acre nationally. The projections for corn and soybeans are record highs.

Gary Schnitkey Interview

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