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USDA SURPRISES MARKET BY RAISING ITS YIELD FORECASTS
Nov. 10, 2023
By Tyne Morgan, AgWeb.com
In a surprise move for so late in the season, USDA raised its corn yield forecast by nearly 2 bu. per acre in the November Crop Production Report. With a larger crop currently being harvested across the U.S., it means estimated corn ending stocks is getting even bigger, but analysts say the increase wasn't as big as it could have been since USDA also boosted demand.
USDA-NASS made adjustments across the board, upping the yield forecast for corn, soybeans and cotton in the November report.
*Corn yield: 174.9 bu. per acre, up 1.9 bu. per acre from October
*Soybean yield: 49.9 bu. per acre, up 0.3 bu. per acre from October
*Cotton yield: 783 pounds per acre, up 16 pounds per acre from October
One of the biggest surprises in the November report was the large increase to corn yield, according to Matt Bennett of AgMarket.net.
"It's not typical to see that kind of increase," says Bennett. "In the past, especially whenever they got in the field in August, you'd hardly ever see something like that. Now that they're in the field in September, I think that it's going to be a little bit more prevalent at times."
To read the entire report click here.
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