October 04, 2022

Brokerage firm forecasts more corn, soybeans

KANSAS CITY, Mo. — A commodity brokerage firm raised its final U.S. corn and soybean yield estimates for the 2021 growing season.

StoneX estimated a U.S. average corn yield of 177.7 bushels per acre on Nov. 1, up from 176.6 bushels per acre last month, with production at 15.119 billion bushels, an even 100 million ahead of the U.S. Department of Agriculture’s October estimate from 176.5 bushels per acre.

The firm projects a nationwide average soybean yield of 51.9 bushels per acre, up from 51.3 last month, with output subsequently estimated at 4.490 billion bushels, 42 million above USDA’s October estimate. USDA had a 51.5 bushels per acre forecast last month.

Several StoneX numbers in the “I” states also did not go along with USDA’s October estimates.

Illinois corn and soybean yields are projected by StoneX to average 206 and 65 bushels per acre, respectively. USDA’s estimates as of Oct. 1 were 210 and 64 bushels per acre.

StoneX concurs with USDA’s 194 bushels per acre average in Indiana, but the firm’s average soybean yield of 59 bushels per acre is a bushel lower than USDA’s October estimate.

A few more bushels were found in Iowa by the StoneX survey with average estimates of 203 bushels per acre for corn and 62 bushels per acre for soybeans. USDA’s October estimates were 201 for corn and soybeans were pegged at 61 bushels per acre.

Tom Doran

Tom Doran

Field Editor