Market News

More analysts see bigger corn crop

Ahead of the upcoming USDA corn and soybean production update, two major analytical firms see fairly significant changes for corn and not much of a change for beans.

Allendale Inc. expects this year’s corn crop to be the second largest ever at 12.564 billion bushels with an average yield of 157.2 bushels per acre. The McHenry, Illinois based firm sees planted area increasing 200,000 acres to 86.835 million acres. Allendale says that ending stocks should be “adequate.”

Allendale has beans at a record 3.26 billion bushels with an average yield of 42.6 bushels per acre, both unchanged from last month. Acreage is also expected to stay unchanged from July. Allendale sees old crop ending stocks at the tightest levels since 1972 and new crop the biggest since 2006.

Informa Economics projects corn at 12.554 billion bushels with an average yield at 157.1 bushels per acre with soybeans at 3.177 billion bushels with an average yield of 41.6 bushels per acre.

This will be the first production numbers of the year based on actual field surveys.

The numbers are out first thing Wednesday, August 12.