The average industry estimate for corn and soybean production is 14.823 billion bushels and 4.288 billion bushels, respectively. At these levels, the corn crop would still be the second largest on record, while soybean production would be the fourth largest on record.
The trade linked lower production to both lower yields and lower harvested acreage. The average yield estimate is 177.9 bushels per acre (bpa) for corn and 51.7 bpa for soybeans. Both yield estimates are less than 1 point below September WASDE levels. The trade’s harvested acreage estimate is 200,000 acres below USDA’s September estimate for corn and 100,000 below for soybeans.
Following a surprisingly bullish Sep. 30 quarterly stocks report, the industry sees 2020/21 corn ending stocks falling 383 million bushels to 2.120 billion bushels. Soybean ending stocks in 2020/21 are expected to be lowered by 100 million bushels to about 360 million bushels.