USDA will publish the next WASDE on Sep. 12, and this year’s report is eagerly anticipated as it will reflect USDA’s first in-field evaluation of the 2019/20 corn and soybean crops.
Ahead of publication, the industry is expecting USDA to confirm widespread belief in lower acreage and yield for corn and soybeans than what was used in the August S&D calculations.
For corn, the average of analyst expectations puts corn yield at 166.5 bushels per acre, down 3.0 bushels from the August forecast. Combined with a slight decrease in projected harvested acreage, 2019/20 corn production is pegged at 13.55 billion bushels, down 2.5 percent from the August estimate and down 6 percent from 2018/19 production.
For soybeans, the industry does not expect USDA to significantly changed harvested acreage from the 75.9 million acres forecast last month, but yield is seen declining by more than 1 bushel per acre, to 47.1 bpa. As a result, 2019/20 soybean production is estimated at 3.58 billion bushels, down almost 3 percent from the August estimate and down over 20 percent from 2018/19 production.