Market News

Farm Futures bigger corn and soybean crops

Farm Futures magazine expects USDA to raise corn and soybean production estimates in next week’s production update. However, they do note that it’s been an unusual growing season and the slower than average development means crops would be vulnerable to an early frost, citing 1974 and 1993 as examples.

A survey of farmers by the magazine pegs corn at 12.545 billion bushels, the second largest ever, with an average yield of 160.3 bushels per acre. Soybeans are placed at a record 3.275 billion bushels with an average yield of 42.8 bushels per acre.

Farm Futures has corn acreage at 85.04 million acres, down 2 million from the last USDA projection.

The numbers are out first thing Wednesday, August 12.