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Corn pegged lower, soybeans slightly higher in USDA report

Agriculture.com Staff 11/09/2006 @ 6:56am

In its monthly Crop Production report, the USDA National Agricultural Statistics Service (NASS) forecast a 10.7 billion bushel corn crop and 3.2 billion bushels of soybeans for the 2006 crop year.

The corn production forecast is down one percent from the October production estimate, while the latest soybean crop data is slightly higher from the previous month. Cotton production, in the same report Thursday, is pegged at three percent higher from the previous estimate.

If realized, Thursday's projection of the 2006 soybean crop would be the largest on record.

In terms of yields, the average national corn yield, according to USDA, is 151.2 bushels per acre, down 2.3 bushels/acre from October but remaining 3.3 bushel/acre higher than in 2005.

"If realized, the yield would be the second largest on record, behind 2004," according to Thursday's report. "Yield forecasts are lower than last month across much of the western and central Corn Belt and Atlantic Coast states as producers reported that actual harvest yields were not as good as expected earlier due to lower grain weight per ear. Stalk quality and lodging problems were also reported in some areas."

Corn yields are projected higher than last year in all Corn Belt states with the exceptions of Iowa and Minnesota, according to USDA.

For soybeans, the 3.2 billion-bushel crop projection is five percent higher than 2005, a figure that USDA says "If realized, this would be the largest U.S. soybean crop on record."

As of November 1, average nationwide soybean yields are pegged at 43.0 bushels per acre, equaling 2005 record yields and 0.2 bushels per acre higher than USDA's October estimate.

"Producers in the northern Great Lakes states, Delaware, New York, North Carolina and the Dakotas are realizing higher yields than expected last month, while yield prospects decreased slightly as harvest progressed in Illinois, Kentucky, Missouri and Pennsylvania," according to Thursday's USDA report. "Area for harvest in the U.S. is forecast at 74.5 million acres, unchanged from last month but up five percent from 2005."

In its monthly Crop Production report, the USDA National Agricultural Statistics Service (NASS) forecast a 10.7 billion bushel corn crop and 3.2 billion bushels of soybeans for the 2006 crop year.

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