Iowa Soybean Association responds to USDA crop report
Ankeny, Iowa, USA
October 8, 2010
According to today’s United States Department of Agriculture (USDA) crop report, soybean production is estimated at 3.408 billion bushels, down from the September estimate of 3.483 billion bushels. The average yield for the U.S. is estimated at 44.4 bushels per acre, down from 44.7 bushels estimated in September.
For Iowa, soybean production is estimated at 512 million bushels. Yield estimates for Iowa are for an average of 52 bushels per acre; that is unchanged from September.
Meanwhile, the ending stocks estimate for soybeans has been lowered from 350 million bushels in September to 265 million bushels.
USDA estimates for corn production are for a total of 12.664 billion bushels, compared to13.160 billion bushels estimated in September. U.S. average yield is estimated 155.8 bushels per acre, down from a September estimate of 162.5 bushels per acre. For Iowa, total corn production is estimated at 2.214 billion bushels, with an average expected yield of 169 bushels per acre, down 10 bushels from the September estimate.
Iowa Soybean Association (ISA) CEO Kirk Leeds was a bit surprised by the lower soybean numbers nationally. “I have been hearing pretty solid yield reports. Certainly, Iowa has some challenging pockets, but even in areas with some ponding, overall field averages have been pretty solid.”
Leeds says, “Lower overall production really tightens anticipated carryover numbers. This is another reason ISA needs to stay focused on increasing yields while lowering production costs.”
While the biggest surprise was the drop in corn yields, ISA Director of Market Development Grant Kimberley says this should still be friendly for soybeans. “Demand continues to remain strong, especially in light of a weaker dollar, which makes our prices not seem as high to foreign buyers,” Kimberley says.
Recalling ISA’s recent trade mission to China, Leeds says, “In a demand driven market, we need to aggressively seek to claim as big of share of the increasing pie as we can.”
Kimberley adds that he expects to see an acreage battle next year for corn, soybeans and wheat due to strong demand and lower production.
The Iowa Soybean Association develops policies and programs that help farmers expand profit opportunities while promoting environmentally sensitive production using the soybean checkoff and other resources. The Association is governed by an elected volunteer board of 21 farmers.
More news from: Iowa Soybean Association (ISA)
Website: http://www.iasoybeans.com Published: October 8, 2010 |