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USDA Forecasts U.S. Corn and Soybean Production Down from 2018
The Crop Production report issued today by USDA’s National Agricultural Statistics Service (NASS) forecasted soybean and corn production down from 2018. Soybean production is down 19 percent from 2018, forecast at 3.68 billion bushels; corn growers are expected to decrease their production 4 percent from last year, forecast at 13.9 billion bushels.
Area for soybean harvest is forecast at 75.9 million acres with planted area for the nation estimated at 76.7 million acres, down 4 percent from the June estimate, and down 14 percent from last year. Soybean yields are expected to average 48.5 bushels per acre, down 3.1 bushels from last year. If realized, the forecasted yield will be a record high in...
Grain Futures Soar on Delayed Plantings
In the latest Crop Progress report, planting progress continues at a slower than expected pace—causing concern for traders and seeing corn futures up 12 to 13 cents per bushel Tuesday morning.
The USDA reported corn plantings at 30 percent completion as of Sunday, May 12. That’s less than half of what the normal 5-year average rate is at this point in the season. It’s also only a 7 percent increase from the previous week.
Rain and cool weather in the major production areas has hindered planting activities so far this season.
Emergence is also lower than expected, currently at 10 percent. Last year at this time...
Planting Progress Lags for Corn and Soybeans
In the latest Crop Progress report, the USDA shows corn plantings across the 18 primary production states is currently just 23 percent complete, which is half the normal progress made by this time over the last 5 years.
Planting progress is well-below expectations for this point in the season, having been hindered by rains throughout the Midwest where much of the crop is produced. Every state surveyed has reported lower progress rates than their respective 5-year averages.
Corn emergence is currently at 6 percent, also less than half the average rate. Seven of the 18 production states have yet to report any emerging corn.
Meanwhile, 6 percent of soybeans have been planted so far this season—also...
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