USDA estimates 2019/20 U.S. corn harvested acreage at 82.0 million acres, unchanged from the August WASDE report. The corn yield estimate is 168.2 bushels per acre (bpa), down 1.3 bpa from August. Accordingly, corn production is forecast at 13.799 billion bushels, down 102 million bushels from the August WASDE.
The industry had expected corn yield, harvested acreage, and production to be lower than what was reported by USDA.
New-crop Brazilian and Argentinian corn exports are forecast at 34 MMT and 33.5 MMT, respectively, unchanged from August WASDE. For 2018/19, the U.S. corn exports estimate, at 2.060 billion bushels, is down 40 million bushels from the August report.
In terms of soybeans, USDA estimates area harvested at 75.9 million acres, unchanged from its August estimate. Soybean yield, at 47.9 bpa, is down 0.6 bpa from August. U.S. soybean production is estimated at 3.633 billion bushels, down 47 million bushels from August.
The industry expected new-crop soybean yield to be lower than the reported USDA estimate.
The U.S. soybean export estimate for 2018/19, at 1.745 billion bushels, is up 45 million bushels from the August WASDE.