is part of the Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

  • American Agriculturist
  • Beef Producer
  • Corn and Soybean Digest
  • Dakota Farmer
  • Delta Farm Press
  • Farm Futures
  • Farm Industry news
  • Indiana Prairie Farmer
  • Kansas Farmer
  • Michigan Farmer
  • Missouri Ruralist
  • Nebraska Farmer
  • Ohio Farmer
  • Prairie Farmer
  • Southeast Farm Press
  • Southwest Farm Press
  • The Farmer
  • Wallaces Farmer
  • Western Farm Press
  • Western Farmer Stockman
  • Wisconsin Agriculturist
Farm Futures survey: Weather cuts corn, soybean production

Farm Futures survey: Weather cuts corn, soybean production

Farm Futures August production survey shows rain reduced 2015 acreage more than yields

Update: Catch a replay of Farm Futures' Bryce Knorr discussing the latest survey results in a University of Arkansas webinar.

"Rain makes grain" may be the adage. But precipitation was too much of a good thing this summer, reducing corn and soybean production below early projections, according to results of the Farm Futures August Production Survey.

While weather reduced yields a little below average, most of the cuts came from lower harvested acreage in fields flooded by above normal June and July rains. Farmers were also prevented from planting some of their land, especially acres devoted to soybeans.

Farm Futures August production survey shows rain reduced 2015 acreage more than yields

The survey of some 1,300 growers put corn production at 13.366 billion bushels, down 6% from last year's record and 1.2% below USDA's current estimate of 13.53 billion. The government used acreage reported June 30 and its statistical "trend" or normal yield to prepare its projection.


Who would farmers pick for the 2016 Election? Check out Farm Futures' exclusive poll results.


Farm Futures found growers will harvest fewer acres, about 730,000 less than USDA. Their expected yields were also lower than USDA's, down a half a bushel per acre at 166.3 bpa.

The survey pegged soybean production at 3.768 billion bushels, down 5.1% from last year and 3% lower than USDA's current forecast. Farm Futures found an average nationwide yield of 45.7 bpa, only .3 lower than USDA's statistical trend. But harvested acreage could be 2 million below USDA's June 30 estimate.

"Our survey suggests ending stocks of both crops could be less than the government currently forecasts," said Bryce Knorr, Farm Futures Senior Market Analyst, who conducted the research. "But that doesn't necessarily mean prices must rally. Turbulent outside markets and widespread bearishness in commodities globally could dampen normally bullish enthusiasm.. That could make it harder to convince end users and speculators to buy, unless weather problems cut production elsewhere around the world."

See more analysis and full results >>

~~~PAGE_BREAK_HERE~~~

Already hot, dry weather has hurt corn yields in France, Knorr noted, while fields in Ukraine also are turning drier.

"Soybeans will depend on production in South America, where growers are wrestling with deflating currencies. Brazil is still shipping its huge 2014 crop, which has U.S. new crop sales at a five-year low. If Chinese demand for U.S. beans doesn't recover this fall, a smaller crop may not make much difference to prices."

Knorr will discuss results of the Farm Futures August production survey and its implications for prices Aug. 5 in the next University of Arkansas Food and Agribusiness webinar.

Farm Futures survey: Weather cuts corn, soybean production

TAGS: USDA
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish