Monday’s Crop Production report from the Department of Agriculture predicts a 19 percent drop in soybean production from 2018. Meanwhile, USDA expects corn growers to decrease their production four 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 four percent from the June estimate, and down 14 percent from last year. Acres planted to corn, at 90.0 million, are down two percent from the June estimate but up two percent from 2018.
The figures include the information stemming from a resurvey of planted acres. The data surprised commodity markets, as traders say the numbers are higher than expected for corn production.
Meanwhile, the monthly World Agriculture Supply and Demand report, reflecting its data and the Crop Production report, lowered the season-average corn price 10 cents to $3.60 per bushel. The season-average soybean price was unchanged at $8.40 per bushel.