Agricultural News
Allendale Releases Yield Survey Results and Predicts USDA Report
Fri, 09 Sep 2011 11:12:42 CDT
The Allendale Inc. 2011, 22nd Annual Crop Survey suggests a projected US corn crop of 12.466 billion bushels and a soybean crop of 3.007 billion bushels. This estimate was based on producer calculated yields in 24 states. It was conducted from August 22 until September 2, 2011.
The US Department of Agriculture will release their September first crop production estimates on Monday morning, 7:30 AM central time, and the general consensus is that both the US corn and soybean crops have gotten smaller than the August estimates suggested.
When it comes to corn, Allendale's nationwide survey lowered yields to 147.7 from USDA's current 153.0. This is the lowest yield since 2003's 142.2. It represents a 3.5% reduction from August. This is the largest September decline since 1995's 3.6% drop. This reduces production by 448 million bushels. Of that, sharply reduced demand will offset 310 million bushels.
For soybeans, Allendale's nationwide survey lowered yields to 40.7 from USDA's current 41.4. This is the lowest yield since 2008's 39.7. It represents a 1.7% reduction from August. This number is the largest September decline since 2003's 7.6% drop. Production has been reduced by 49 million bushels. Of that, 21 million will be offset by falling demand.
And finally, with wheat, Allendale is using a wheat yield of 43.7 bu/acre. This reduces production by 70 million bushels. However, we contend USDA's demand estimates are optimistic.
Click on the play button in the screen below to watch an update from Allendale on their latest survey, how it compares to the expected USDA report, and what to expect with demand for corn in the upcoming months.
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