Corn yields expected up, soybeans down - KWWL - Eastern Iowa Breaking News, Weather, Closings

Corn yields expected up, soybeans down

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JOHNSTON (KWWL) -

A crop report released by the U.S. Department of Agriculture on Thursday is good news for corn, but bad news for soybeans.

Corn yields nationwide are expected at 12.91 billion bushels, up from 12.45 billion bushels in 2010, but down from the July estimate of 13.4 billion.  That is an average of 153 bushels per acre, up 0.2 bushels from 2010, and the fourth highest yield on record.

Iowa is expected to produce a 2.43 billion bushel corn crop, retaining its position as the top corn-producing state.  Iowa is expecting an average yield of 177 bushels an acre, up 12 bushels an acre from 2010.

"The USDA points out again another record yield and rising demand," Deb Keller, a farmer from Clarion and Vice Chair of the Iowa Corn Promotion Board, said in a written statement. "With the help of improved technology, corn farmers continue to work through adverse conditions to improve yields and the Iowa corn crop from year to year."

Corn growers across the state do say that strong corn markets, a strong ethanol industry, and weather will drive what actually comes out of the field this fall.

The forecast for soybean production is not so rosy.

The USDA predicts soybean production to be at 3.06 billion bushels, compared to 3.33 billion last year. In July, total production was estimated at 3.22 billion bushels. The average soybean yield per acre for the United States is now estimated at 41.4 bushels.

The numbers are also down in Iowa.  Production is estimated at 473 million bushels, compared to 496 million in 2010. The yield estimate is predicted to be at 52 bushels per acre, which is actually up 1 bushel per acre from 2010.

Soybean ending stocks are estimated at 155 million bushels, down 20 million from July. Projected soybean exports for the new crop are reduced 95 million bushels to 1.4 billion.

"Apparently, the change in this report from last month's estimates takes into consideration the impact of wetness/flooding some farmers have experienced, as well hot, dry weather in other areas," ISA Director of Market Development Grant Kimberley, who also farms near Maxwell, said in a written statement. "We are not surprised that the soybean production numbers are lower, but we didn't expect them to be this much lower."

"It's August and soybean yields will be made in August, unlike corn, which is made in July. I personally think we have a shot at getting much closer to 500 million bushels of soybeans in Iowa – but time will tell," ISA CEO Kirk Leeds said in a written statement.

"Even if good weather conditions result in higher production numbers, we can expect strong prices, thanks to growing demand in Asia, particularly in China, where the hog industry is rebounding," Kimberley said.

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