Wednesday, USDA will release its November World Agricultural Supply and Demand Estimates. Traders and analysts are expecting slight declines in corn and soybean yields and production from last month’s estimates, but demand estimates are all over the board.
Informa Economics expects U.S. corn yields to be set at 149.5-bushels per acre, unchanged from October. Production will be forecast up slightly at 12.55-billion bushels. And soybean production is pegged at 3.02-billion bushels, down from 3.08 billion bushels in the October report. The soybean yield was left unchanged 41.8-bushels per acre.
FC Stone has lowered its estimate of the US corn and soybean crops. The company is forecasting a corn crop of 12.45-billion bushels and an average yield of 148.4 bushels per acre. That’s down from last month’s estimate of 12.5 billion-bushels, based on an average yield of 148.7-bushels per acre. FC Stone also cut its estimate for soybean production to 3.10-billion bushels from last month’s 3.15-billion bushel forecast. The average soybean yield is set at 42.2-bushels per acre.
And Allendale is forecasting corn production at 12.4-billion bushels. The predicted corn yield of 147.8-bushels is down three-tenths of a bushel from USDA’s latest projection. Allendale lowered its average soybean yield one-tenth of a bushel to 41.4-bushels per acre. Allendale says wheat ending stocks will move higher, due to poor exports.