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Allendale yield survey close to USDA projections

A brokerage firm’s survey of farmers shows corn and soybean yields are not much different from USDA’s recent predictions.

Lynsey Such with Allendale tells Brownfield their survey shows corn yields slightly below USDA’s estimate. “The USDA is at 183.1. Our survey would suggest 182.5 so nothing too drastic, but that is slightly under USDA. Beans were a little bit different. USDA is at 53.2 bushel per acre, and our survey actually showed 53.3.”

Such says the Allendale survey did show some unexpected regional differences for both corn and soybeans. “Minnesota was probably under what we would have expected. It seems like they might be struggling a little bit. Indiana was a little bit of a surprise on the high side, especially because their precipitation was a little bit under normal, really, for July.” And, Such says crops look great near her northern Illinois location.

Such says the survey data suggests USDA won’t be making any large corn production estimate increases, and they might even lower their yield guess.

The Allendale survey also asked farmers about new crop sales, and Such says only 20% of their client’s new crop sales are done. “Advice to farmers would be since this crop really isn’t going to be shrinking all that much, any sort of rally we get at this point is probably time to start working on those new crop sales.”

Such says many farmers have been working on their old crop hedges over the past couple of weeks, but new crop sales are lagging and could use a rally.