CROP TOUR SEES LOWER SOYBEAN ESTIMATES DUE TO DROUGHT, RECORD HEAT
The tour concluded on Aug. 24 amid heat and drought in the western Midwest, with data collected showing smaller harvests. Pro Farmer estimates the national average corn yield at 172 bushels per acre compared to the US Department of Agriculture’s modeled number of 175.1, and 49.7 bushels per acre for soybeans, compared to USDA’s estimate of 50.9. Most of the soybean crop is in the critical pod-setting phase, which depends on moisture in August. At this stage of the growing season, yield loss due to ongoing heat stress is a much greater risk for soybeans than for corn.
According to a new research brief from CoBank’s Knowledge Exchange, soybeans have a much tighter supply situation than corn due to the loss of planted acres. The USDA estimates soybean planted acreage fell 4.6% year-over-year this spring to the lowest level since 2020. On the plus side, high temperatures late in the growing season are associated with a higher oil content. “While hot temperatures during the growing season tend to cause lower protein levels in soybeans and lower soybean meal values, the combination of higher oil extraction and higher soybean oil prices will benefit processors,” Ehmke, who was among the scouts participating in the crop tour said.
(Link: agriculture.com)
