USDA released its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports Monday morning.
USDA trimmed its estimate of national average corn yield to 148.1 bushels per acre from the August estimate of 153 bushels per acre. That’s a slightly greater cut than the average trade estimate, at 148.8. The corn crop was pegged at 12.5 billion bushels from 84.4 million acres harvested while demand dropped off.
“The reduction is not a surprise but the severity of how quickly they are posting poor yields is. The September report indicated the U.S. corn crop would have an average yield of 148.1 bushels per acre. Just two months ago with the July report USDA had pegged the corn yield at 158.7 bushels per acre,” said Doug Tenney, with Leist Mercantile in Circleville. “Corn demand continues to be reduced as the yields have come down the past two months. With the September report, USDA reduced corn demand by 400 million bushels.