Farm Futures Survey Shows 10% Drop in Corn Crop, 9% Less Soybeans

Farm Futures’ latest survey of growers finds corn production could fall 10% compared to the record crop of 2016, due to lower acreage and yields. The falloff in the soybean crop could be smaller, around 2%, with a big increase in acreage helping to offset a 9% drop in yields.

Farm Futures surveyed nearly 1,200 growers from 41 states between July 17 and Aug. 2. Over the past 10 years, the survey has averaged a 2.7% difference from USDA’s August estimates on corn and 2.4% on soybeans. USDA puts out its first production estimates Aug. 10 based on data from farmers and their fields.

Farmers told Farm Futures they’re hoping to harvest a 13.6 billion-bushel corn crop, with an average yield of 163.5 bushels per acre, compared to a 15.1 billion-bushel crop in 2016 and a record average yield of 174.6 bushels per acre.

For soybeans, Farm Futures found an average yield of 47.5 bushels per acre, down from last year’s record 52.1 bushels per acre. Production could fall to 4.214 billion bushels, 93 million less than the 4.307 billion bushels harvested in 2016.

Source: AgriMarketing

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