Ahead of next week’s USDA numbers, Allendale Inc. expects increased production projections for this year’s corn and soybean crops.
Allendale sees corn at 13.871 billion bushels, compared to USDA’s last guess of 13.843 billion, with an average yield of 158.7 bushels per acre, and beans are pegged at 3.199 billion bushels, compared to September’s estimate of 3.149 billion, with an average yield of 42.4 bushels per acre.
Wheat production is expected to hold at 2.128 billion bushels, including winter wheat at 1.534 billion and spring wheat at 532 million bushels.
Allendale also expects USDA to raise domestic corn and soybean ending stocks.
The reports are out Friday, November 8.