Two key USDA reports showed that U.S. farmers are set to produce a big crop this fall. Betty Resnick, an economist at the American Farm Bureau, says the production number looks especially good for soybeans.
“Corn is projected have a record yield of 183.1 bushels an acre, up 3.3 from last year’s record and above trend line. For soybeans, they’re projected have a record yield at 53.2 bushels an acre and are also above trend line. The August WASDE and crop production report also reported one million additional planted acres of soybeans. So overall, soybean production is up over ten percent from last year, and ending stocks are up 24 percent from just the July report.”
Resnick says August is a crucial time for assessing the expected productivity of U.S. crops.
“The August Crop Production Report is the first month where we have survey and satellite data informing yield estimates for both corn and soybeans. It also incorporates Farm Service Agency-certified acreage data into its crop production estimates. So we’re getting closer to an end result on those crop production estimates.”
She says to keep an eye on crop progress throughout the next couple of months.
“August is the most important month for soybean growth and development, so everyone will be watching the weather to see what happens for the rest of the month and see its impacts on yields. In terms of reports every Monday, generally, we get crop progress and condition reports, and the next major crop production and WASDE reports will be out September 12th.