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USDA could lower corn, soybean guesses Thursday

The weather issues affecting this year’s U.S. corn and soybean crops could lead the USDA to lower production estimates Thursday. Planting got off to an historically slow start because of excessively wet weather in many areas and conditions during the growing season have ranged from too wet to too dry, keeping development slow and crop ratings at their lowest levels in years.

On average, the corn production estimate is expected to be down more than 100 million bushels on the month at 13.684 billion bushels, while beans are projected to fall 50 million bushels to 3.583 billion, with both expected to see lower average yield and harvested area projections as well. The average guess for the corn yield is 167.5 bushels per acre with harvested area of 81.649 million acres, compared to 168.2 and 82.017 million in September, with soybeans expected to average 47.3 bushels per acre on 75.705 million acres, compared to 47.9 and 75.866 million a month ago.

The numbers won’t take into account conditions since October 1st and the full effects of probable frost damage in the northern Corn Belt won’t be known until after harvest.

The USDA will also be updating U.S. and world supply and demand estimates.

The numbers are out Thursday at Noon Eastern/11 Central.