This month’s USDA World Agricultural Supply and Demand Estimate (WASDE) and Crop Production reports lowered corn production estimates and increased soybean yield estimates compared to last month’s report.

P. Scott Shearer, Vice President

October 15, 2012

1 Min Read
Corn Estimates Lowered, Soybean Yields Higher

This month’s USDA World Agricultural Supply and Demand Estimate (WASDE) and Crop Production reports lowered corn production estimates and increased soybean yield estimates compared to last month’s report. The corn production estimate for the 2012/2013 crop was lowered to 10.7 billion bushels, 21 million bushels lower than its September projection. If the estimate holds, this would be the smallest corn crop since 2006 and 13% below last year’s crop. Yields are estimated at 122 bu./acre, down 25.2% from last year and the lowest yield average since 1995. Harvested acres are estimated at 8.77 million acres. USDA lowered its season-average price forecast by 10 cents/bu., setting the range at $7.10 to $8.50/bu. USDA forecast soybean production at 2.86 billion bushels, up 226 million bushels based on higher harvested acres and yield. The soybean yield is forecasted at 37.8 bu./acre – an increase of 2.5 bu./acre from last month’s estimate. Season-average price forecast was lowered to a range between $14.25 and $16.25/bu.

About the Author(s)

P. Scott Shearer

Vice President, Bockorny Group, Inc.

Scott Shearer is vice president of the Bockorny Group Inc., a leading bipartisan government affairs consulting firm in Washington, D.C. With more than 30 years experience in government and corporate relations in state and national arenas, he is recognized as a leader in agricultural trade issues, having served as co-chairman of the Agricultural Coalition for U.S.-China Trade and co-chairman of the Agricultural Coalition for Trade Promotion Authority. Scott was instrumental in the passage of China Permanent Normal Trade Relations and TPA. He is past chairman of the USDA-USTR Agricultural Technical Advisory Committee for Trade in Animals and Animal Products and was a member of the USAID Food Security Advisory Committee. Prior to joining the Bockorny Group, Scott served as director of national relations for Farmland Industries Inc., as well as USDA’s Deputy Assistant Secretary for Congressional Affairs (1993-96), serving as liaison for the Secretary of Agriculture and the USDA to Congress.

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