Corn and soybean production is up from 2020, according to the Crop Production report issued Friday by USDA’s National Agricultural Statistics Service.
USDA says corn production is up 6% from last year, forecast at 15.0 billion bushels; soybean growers are expected to increase their production 6% from 2020, forecast at 4.37 billion bushels. Bill Moore, senior account executive with PRICE Futures Group, joined IARN’s closing market podcast Friday to break down the September WASDE Report.
CLOSING MARKET PODCAST: Bill Moore – PRICE Futures Group 9-10-2021
“The report was not a friendly report,” said Moore. “Looking down the numbers, I don’t see anything that is friendly. Starting with the yields, 176.3 (bushels per acre) in the corn. They were looking for 175.5. Last month was 174.6. They were following the Pro Farmer numbers there, so more than they thought by almost two bushels. Bean yields at 50.6 (bushels per acre), looking for 50.3, and last month 50.0.”
NASS forecasts record high yields in California, Illinois, Indiana, Kentucky, Michigan, New York, North Carolina, Ohio, Oklahoma, and Pennsylvania.
Acres planted to corn, at 93.3 million, are up 3% from 2020. Area to be harvested for grain is forecast at 85.1 million acres, up 1% from last month and 3% more than was harvested last year.
As of Aug. 29, 60% of this year’s corn crop was reported in good or excellent condition, 2 percentage points below the same time last year.
On Friday, September corn closed up 6 3/4 cents per bushel and December corn was up 7
1/2 cents. September soybeans closed up 16 1/2 cents and November soybeans were
up 16 cents.