The U.S. 2018 corn crop is smaller than first thought while the size of the soybean crop dwindles too, according to the USDA.
As a result, the CME Group’s farm futures markets initially reacted positively for corn, negatively for soybeans, reports Successful Farming.
The USDA released its November Crop Production Report yesterday. Corn production is down 1% from the October forecast; soybean production is down 2%.
Corn production is forecast at 14.6 billion bushels, down 1% from the October forecast but up less than 1% from last year. Based on conditions as of November 1, yields are expected to average 178.9 bushels/acre, down 1.8 bushels from the October forecast but up 2.3 bushels from 2017. If realized, this will be the highest yield and second highest production on record for the U.S. Area harvested for grain is forecast at 81.8 million acres, unchanged from the previous estimate but down 1% from 2017.
Soybean production is forecast at a record 4.60 billion bushels, down 2% from the October forecast but up 4% from last year. Based on November 1 conditions, yields are expected to average 52.1 bushels/acre, down 1.0 bushel from last month but up 2.8 bushels from last year. Area for harvest in the United States is forecast at 88.3 million acres, down slightly from last month.
