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Survey: Corn crop down 10%, soybean crop 2% lower

Photo courtesy Nutrient Advisors

A Farm Futures survey of U.S. farmers shows this year’s corn production could fall ten percent compared to the record crop of 2016, due to lower yields and acreage.

Soybean production could be off two percent, with a big increase in acreage offsetting a nine percent drop in yields, according to the survey.

The average corn yield came in at 164 bushels per acre with corn acres down about four percent, which equates to a total crop of 13.6 billion bushels.

The survey’s average soybean yield was 48 bushels per acre. Combined with a seven percent increase in acreage, the total soybean crop is estimated to be 4.2 billion bushels.

Farm Futures market analyst Bryce Knorr said lower corn production could be enough to stabilize that market, and perhaps produce rallies to move grain out of farmers’ hands after harvest.

On soybeans, Knorr says a 4.2 billion bushel crop could tighten carryout modestly, but ending stocks might still run around 400 million bushels for the 2017 crop. He says that could make it hard to rally soybeans without a weather threat in South America.

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