Iowa corn production up, ag department reports

According to today's U.S. Department of Agriculture crop report, soybean production is forecast at 3.06 billion bushels, compared to 3.33 billion last year. Last month, total production was estimated at 3.22 billion bushels.

The average soybean yield for the United States is now estimated at 41.4 bushels per acre.

For Iowa, production is estimated at 473 million bushels, compared to 496 million in 2010. Iowa yield estimates are for an average of 52 bushels per acre; this is up 1 bushel per acre from 2010.

USDA estimates for corn production are for a total of 12.91 billion bushels, up from 12.45 billion bushels in 2010, but down from the July estimate of 13.4 billion. U.S. average corn yield is estimated at 153 bushels per acre.

For Iowa, total corn production is estimated at 2.43 billion bushels, compared to 2.15 billion bushels in 2010.  Iowa's average expected yield is estimated at 177 bushels per acre, compared to 165 bushels per acre in 2010.

Soybean ending stocks are estimated at 155 million bushels, down 20 million from July. Projected soybean exports for the new crop are reduced 95 million bushels to 1.4 billion.

“Apparently, the change in this report from last month's estimates takes into consideration the impact of wetness/flooding some farmers have experienced, as well hot, dry weather in other areas,” says ISA Director of Market Development Grant Kimberley, who also farms near Maxwell.

“We are not surprised that the soybean production numbers are lower, but we didn't expect them to be this much lower.”

ISA CEO Kirk Leeds says, “It's August and soybean yields will be made in August, unlike corn, which is made in July. I personally think we have a shot at getting much closer to 500 million bushels of soybeans in Iowa – but time will tell.”

Kimberley adds, “Even if good weather conditions result in higher production numbers, we can expect strong prices, thanks to growing demand in Asia, particularly in China, where the hog industry is rebounding.”

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 made up of more than 8,000 farmer members and is governed by an elected volunteer board of 21 farmers.