Was the 2019 crop yields as bad as what some were expecting? According to USDA, they increased yields for corn and soybeans compared to their November report.
In November, USDA estimated corn would yield 165.5 bushels per acre, while soybeans would yield 46.5 bpa. In the January report, USDA pegged U.S. corn yields at 168.0 bpa and soybeans at 47.4 bpa.
Corn for grain production in 2019 was estimated at 13.7 billion bushels, down 5 percent from the revised 2018 estimate. The average yield in the United States was estimated at 168.0 bushels per acre, 8.4 bushels below the 2018 yield of 176.4 bushels per acre. Area harvested for grain was estimated at 81.5 million acres, up less than 1 percent from the revised 2018 estimate.
Soybean production in 2019 totaled 3.56 billion bushels, down 20 percent from 2018. The average yield per acre was estimated at 47.4 bushels, down 3.2 bushels from 2018. Harvested area was down 14 percent from 2018 to 75.0 million acres.
On a global picture, USDA says total corn use is up 155 million bushels to 14.070 billion, and exports are down 75 million bushels to 1.775 billion. According to the WASDE report, this reflects the slow pace of shipments through December, and it is the lowest level of outstanding sales since the 2012/13 marketing year.
Soybean production is estimated at 3.56 billion bushels, an 8 million increase from a higher yield. Harvested area is estimated at 75.0 million acres, down 0.6 million from the last forecast.