Ankeny, Iowa, USA
September 10, 2010

According to today’s United States Department of Agriculture (USDA) crop report, soybean production is estimated at 3.483 billion bushels, up from the August USDA projection of 3.433 billion bushels and up from 3.359 billion bushels produced in 2009. The average yield for the U.S. is estimated at 44.7 bushels per acre, up from 44 bushels estimated in August.

For Iowa, production is estimated at 528 million bushels, compared to 486 million in 2009. Yield estimates are for an average of 52 bushels per acre. This yield estimate is 1 bushel higher than the August estimate.

Meanwhile, the estimated ending world supply of soybeans has been lowered from 64.73 million metric tons to 63.61 million.

USDA estimates for corn production are for a total of 13.160 billion bushels, compared to 13.110 billion produced in 2009. U.S. average yield is estimated 162.5 bushels per acre, down from an August estimate of 165 bushels per acre. For Iowa, total corn production is estimated at 2.327 billion bushels, with an average expected yield of 179 bushels per acre, unchanged from the August estimate.

Randy VanKooten, Iowa Soybean Association (ISA) president and a soybean grower from Lynnville, responded to the report. “I am skeptical of the predicted yield increase, considering the massive outbreak of SDS we’ve seen in parts of Iowa and other states. What I’m hearing from early reports on soybeans already harvested is that yields are lower than expected,” VanKooten said. “But even if the areas not affected by SDS are so much better that they offset the badly impacted areas, the story still is that worldwide demand remains strong, as evidenced by USDA’s lowering the 2010 and 2011 stocks carryover.”

ISA Director of Market Development Grant Kimberley agreed. “Estimated exports have been raised for this report and we expect that they will probably need to be raised more,” Kimberley said. “As we witnessed on our recent trade mission to China, their economy remains strong and continues to grow. As a result, demand will most likely exceed current projections, and we will need every soybean we can grow in the U.S.”

To learn more about ISA, visit its Web site at www.iasoybeans.com.
 

Website: http://www.iasoybeans.com

Published: September 10, 2010