Allendale anticipates bigger corn crop, smaller beans
Ahead of the USDA's August 12 production, supply and demand update, Allendale Inc. sees the Ag Department raising their corn estimate and lowering their soybean projection. The report is due out at 13:30 BST.
Allendale has corn at 12.030 billion bushels, up from the USDA's last guess of 11.715 billion but down from last year's total of 13.074 billion bushels. Soybeans are pegged at 2.971 billion bushels, down from the USDA's most recent projection of 3 billion but up from last year's final of 2.585 billion bushels. Allendale did not change their harvest acreage expectations for either crop and used an average yield for corn at 152.4 bushels per acre and an average yield for beans at 41.2 bushels per acre.
Wheat is pegged at 2.547 billion bushels, compared to the USDA's previous figure of 2.461 billion and the 2007/08 final of 2.067 billion bushels.
Allendale sees corn stocks at 1.092 billion bushels, but notes that if demand changes stocks will easily fall under than mark. Beans are estimated at 109 million bushels, which would be the lowest since 1972. U.S. wheat stocks are expected to be around 538 million bushels.
Allendale has corn at 12.030 billion bushels, up from the USDA's last guess of 11.715 billion but down from last year's total of 13.074 billion bushels. Soybeans are pegged at 2.971 billion bushels, down from the USDA's most recent projection of 3 billion but up from last year's final of 2.585 billion bushels. Allendale did not change their harvest acreage expectations for either crop and used an average yield for corn at 152.4 bushels per acre and an average yield for beans at 41.2 bushels per acre.
Wheat is pegged at 2.547 billion bushels, compared to the USDA's previous figure of 2.461 billion and the 2007/08 final of 2.067 billion bushels.
Allendale sees corn stocks at 1.092 billion bushels, but notes that if demand changes stocks will easily fall under than mark. Beans are estimated at 109 million bushels, which would be the lowest since 1972. U.S. wheat stocks are expected to be around 538 million bushels.
