U.S. farmers are expected to produce a record-high soybean crop this year, according to USDA’s August Crop Production report released Thursday. Soybean production is forecast at 4.38 billion bushels, up two percent from last year, while corn growers are expected to decrease their production by seven percent from last year, forecast at 14.2 billion bushels.
Soybean yields are expected to average 49.4 bushels per acre, down 2.7 bushels from last year, while the average corn yield is forecast at 169.5 bushels per acre, down 5.1 bushels from last year. Yields for both crops are expected to be lower or the same in the major producing areas, but record high in non-traditional states like Mississippi, Pennsylvania, and South Carolina.
But with corn condition ratings the lowest they have been since the 2012 drought, some analysts, Doug Werling of Bower Trading, believe the yields will be lower than USDA is saying now.
Audio file: Crop commentary from Doug Werling of Bower Trading