Yield Survey Reveals Noticeable Drop in Corn, Soybean Production

Recent data from a yield survey of U.S. corn and soybean growers reveals lower production than expected. According to Allendale, a commodity and brokerage firm, corn yields have declined to 171.5 bushels per acre, with production at 14.8 billion bushels. That’s a loss of 300 million. Record-hot weather combined with ongoing and expanding drought conditions has hampered kernel development. But the drop in production isn’t enough to bolster current corn prices. Rich Nelson of Allendale says production would need to drop to 163 to justify December corn prices.

Meanwhile, soybean yields dropped 1.5 bushels to 49.6, with overall production declining 100 million bushels to 4.1 billion. Nebraska showed the sharpest yield declines.

Read more on corn and soybean yield predictions here.