USDA’s new corn and soybean production projections came in below pre-report estimates and were down on the month, but both are currently expected to be larger than a year ago, reports Brownfield.
As of August 1, corn production is expected to be 14.75 billion bushels, up 4% from 2020, with an average yield of 174.6 bushels per acre higher, which would be up 2.6 on the year.
In July, the USDA saw the crop at 15.165 billion bushels with an average yield of 179.5 bushels per acre.
Soybeans are seen at 4.339 billion bushels, 5% more than a year ago, with an average yield of 50 bushels per acre, 0.2% less than last year.
A month ago, the USDA had the crop at 4.405 billion bushels with an average yield of 50.8 bushels per acre.