Growing Pessimism in Corn and Soybean Crop Forecasts

(STATE COLLEGE, PA) New estimates for corn and soybean yield for 2019 are even lower than previously forecast as a result of continued bad weather and new data in Monday’s USDA Crop Progress Report. AccuWeather expects a 2019 corn yield of 13.13 billion bushels, which is lower than its June 10th estimate of 13.26. This compares to USDA’s latest guess of 13.68 as of June 11, though an updated forecast arrives Friday, June 28th for both corn and soybeans. USDA’s initial corn yield estimate was 15.03 billion bushels after production was 14.41 (2018) and 14.61 (2017) billion bushels the last two years. For soybeans, AccuWeather is forecasting a drop to 3.942 billion bushels, down from its June 10th estimate of 3.952. USDA’s two estimates for the season so far have both been 4.15 billion bushels after production totaled 4.544 and 4.412 billion bushels in 2018 and 2017, respectively. Soybean planting increased in 18 key U.S. soybean-producing states. The report showed 85 percent of this year’s crop was planted as of June 23rd. The five-year average is 97 percent. Visit www.accuweather.com for additional information.