Ankeny — October 12, 2011
According to today’s United States Department of Agriculture (USDA) crop report, soybean production is forecast at 3.06 billion bushels, down 1 percent from the September estimate of 3.09 billion bushels and down 8 percent from last year. The average soybean yield for the United States is now estimated at 41.5 bushels per acre, down from the 41.8 bushels per acre predicted last month.
For Iowa, production is estimated at 467.6 million bushels, compared to 464.6 million bushels forecast in September. Iowa yield estimates are for an average of 50.5 bushels per acre, down from the September prediction of 51 bushels per acre.
USDA estimates for corn production are for a total of 12.4 billion bushels, down 1 percent from the September estimate of 12.5 billion bushels and down slightly from 2010. U.S. average corn yield is estimated at 148.1 bushels per acre, unchanged from the September forecast.
For Iowa, total corn production is estimated at 2.3 billion bushels, unchanged from the September report. Iowa’s average expected yield is estimated at 169 bushels per acres, compared to the September estimate of 167 bushels per acre.
Regarding the slightly lower soybean yield estimate, ISA President Dean Coleman, a soybean farmer from Humboldt, says, “As one Iowa producer, I saw better than expected yields in early varieties, but lower than expected yields in later varieties, possibly due to the early frost, but also because of the rapid dry down.”
While the USDA estimates a slight increase in soybean world ending stocks, ISA Director of Market Development Grant Kimberley says, “We expect demand for soybeans will pick up at the lower prices we’ve seen recently. Some experts continue to write off China’s demand growth, but after visiting China for the past four years, we have seen that demand is not going away. There may be an ebb and flow through the year, but in the end, we will still see continued increases in demand for corn and soybeans as their livestock industry grows and their growing population has a growing appetite for meat.”