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 Sep. 13, 2012 Source: Iowa Soybean Association news release Today's U.S. Department of Agriculture (USDA) crop report reduced Iowa's soybean production estimate by nearly 40 million bushels. But the state's soybean growers remain optimistic about the potential of this year's crop and the future of Iowa's soybean industry. The USDA's September crop report pegged Iowa soybean production at 368.1 million bushels, down from the August estimate of 405.9 million. Iowa yield estimates are for an average of 39 bushels per acre compared to last month's estimate of 43 bushels. "I actually think that when harvest is completed, state-wide soybean yields will be higher than in this report," says Iowa Soybean Association (ISA) President Mark Jackson of Rose Hill. "Several parts of the state did receive some much needed rain in early August that improved the yield potential of soybeans. The variable maturity of the 2012 crop will keep so-called experts guessing until this crop is in the bin and perhaps beyond." The Mahaska County farmer said the challenges posed by this year's growing season also underscores the importance of the ISA to work with all members of the soybean production chain to ensure the necessary investments in research and crop management continue to be made. Nationally, the USDA forecast soybean production at 2.63 billion bushels, compared to the August estimate of 2.692 billion bushels. The average soybean yield for the United States is now estimated at 35.3 bushels per acre, down from the August forecast of 36.1 bushels per acre. Kirk Leeds, ISA's chief executive officer, says overall demand remains strong for soybeans, both for the domestic crush sector and for exports. "Current prices have not rationed demand, as evidenced by additional recent purchases from China," Leeds says. "Given such strong global demand, we anticipate the market this winter to continue to send signals to farmers to grow more soybeans." USDA estimates nationwide corn production at 10.73 billion bushels, down from 10.78 billion. U.S. average corn yield is estimated at 122.8 bushels per acre, compared to the August estimate of 123.4 bushels. For Iowa, total corn production is estimated at 1.9 billion bushels, compared to the August report's 1.92 billion bushels. Iowa's average expected yield is estimated at 140, down from 141 bushels. Tweet |
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