USDA is estimating corn production at 14.9 billion bushels, up nine percent from last year. U.S. soybean production is forecast at 4.3 billion bushels, up 21 percent from 2019. Corn and soybean yields are expected to be record high. Corn yields are estimated at 178.5 bushels per acre; soybeans are averaging just under 52 bushels per acre. All of these figures are within trade expectations. Due to the derecho wind storm, USDA lowered Iowa’s harvested area for corn by 550,000 acres and left soybean acreage unchanged. The information for Iowa will be updated in the October report.
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