Economy

Report shows South Dakota crops feeling effects of drought

Report shows South Dakota crops feeling effects of drought”

Analysts expect the USDA to lower its estimate for USA corn production to 166 bushels per acre (bpa), down from 170.7 bpa. Up 7 percent from past year, area for soybean harvest is forecast at a record 88.7 million acres, with planted area for the nation estimated at a record-high 89.5 million acres, unchanged from the June estimate. If realized, this will be the third highest yield and production on record for the United States. The USDA production estimates "shocked the grain markets with corn yields beating trade estimates by about 3 bushels per acre and soybeans by nearly 2 bushels per acre", said Gilbertie. Harvested area was estimated at 25.8 million acres, unchanged from July but down 15% from 2016.

The report's yields are very high and imply much better crops than what we saw last weekend in central IL.

The USDA estimated US production of spring wheat other than durum at 402 million bushels, down from 423 million in July but well above the average trade estimate of 393 million.

Wheat production is forecast at 1.74 billion bushels, down 25 percent from 2016.

In its report, the USDA pegged the USA 2016-17 corn ending stocks at 2.37 billion bushels vs. the USDA July estimate of 2.37 billion bushels and the average estimate of 2.386 billion.

All crop forecasts in this report are based on conditions on August 1 and do not reflect weather effects since that time. The largest decrease in production is expected in Central Iowa, down 51.2 million bushels from 2016.

NASS interviewed more than 21,000 producers across the country in preparation for this report.

Wheat futures prices on Thursday logged their lowest settlement in about two months after the U.S.

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