USDA’s most recent Crop Production reports have slowly made cuts to national yield forecasts, but is the trend likely to continue in the upcoming October report? According to the latest Ag Economists’ Monthly Monitor, economists expect USDA to make slight adjustments to yield but nothing major.
USDA’s next report is set to be released on Thursday, October 12. Just a couple weeks ago, there were questions about if we’d have an October report at all. As the possibility of a government shutdown grew, USDA reports were at risk. In the September report, USDA lowered its national corn yield forecast to 173.8 bu. per acre average, which was a 1.3-bu. per acre cut from August. USDA trimmed its soybean yield estimate by 0.8 bu. per acre, to 50.1 bu. per acre.
The September Ag Economists’ Monthly Monitor, which was sent out just days after the September Crop Production report, revealed ag economists think USDA isn’t far off with its current estimates. According to the Monthly Monitor, economists estimate a corn yield average of 173 bu. per acre and 49.4 bu. per acre for soybeans, both just slightly lower than what USDA said in September.
By TYNE MORGAN
October 11, 2023
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