With a little cooperation from the weather we might see some interesting corn and soybean crop results this year. Can you say feed and fuel in the same breath?
Bumper corn and soybean crops are still possible in 2009, despite a very unusual growing season, according to the latest Farm Futures survey of U.S. farmers.
Corn production could reach 12.545 billion, the second biggest crop in history, with soybeans setting an all-time high at 3.275 billion.
USDA reports 2009 production Aug. 12, in a widely anticipated release that features the agency’s first estimates based on in-field surveys, not statistical guesses. The government also will update acreage for corn in seven states where planting delays made its June 30 estimates uncertain.
Farm Futures found a 2 million acre drop in corn plantings from USDA’s June survey, with the total falling to 85.04 million. But farmers also reported above average yields of 160.3 bpa, compared to the current USDA statistical guess of 153.4. Farm Futures production estimate is 255 million above the July government forecast.
Farm Futures put the average U.S. soybean yield at 42.8 bpa, slightly higher than USDA’s trend forecast.