Soybeans Forecast To Set Record High

Aided by mild and dry conditions in October, U.S. soybean growers are forecast to set a new production record this year, according to the Crop Production report, released by the USDA’s National Agricultural Statistics Service (NASS).

Soybean production is forecast at a record high 3.38 billion bushels, down 1% from the October forecast but up slightly from last year. Based on Nov. 1 conditions, yields are expected to average 43.9 bu./acre, down 0.5 bu. from last month and 0.1 bu. from last year’s record high yield.

Compared with last month, yields are forecast lower or unchanged in all major-producing states except Delaware, Michigan, Mississippi, North Carolina, Texas and Wisconsin. The largest decreases in yield from last month are expected in Kansas, Nebraska, New Jersey and South Dakota, down 2 bu. each. If realized, the forecasted yields in Illinois, Louisiana, New York and Wisconsin will be record highs and the forecasted yield in Michigan and North Dakota will tie the previous record high. Harvest area in the U.S. is forecast at 76.8 million acres, unchanged from the previous forecast but up 1% from 2009.

Corn production is forecast at 12.5 billion bushels, down 1% from the October forecast and down 4% from last year’s record production of 13.1 billion bushels. As of Nov. 1, yields are expected to average 154.3 bu./acre, down 1.5 bu. from the previous month and 10.4 bu. below last year’s record of 164.7 bu.

Forecasted yields decreased from last month throughout much of the Corn Belt, with the biggest decline forecasted in Missouri, down 7 bu./acre. The expected yield in South Dakota declined 5 bu. from last month while the Nebraska yield dropped 4 bu. Record-high yields are forecast in California, Georgia, Michigan, Minnesota, New York, North Dakota and Wisconsin.

(Source: USDA)

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