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Cash Field Crop

  • U.S. farmers planted 92.0 million acres of corn this spring, an increase of 2.6% over 2019. Soybean planted area is estimated at 83.8 million acres, an increase of 10.1% over 2019.
  • The July World Agricultural Supply and Demand Estimate report (WASDE) lowered estimates of 2020-21 corn ending stocks while soybean stocks were increased, both within pre-report industry estimates. Grain futures were not changed significantly by the report.
  • USDA Crop Conditions - 18 survey states:

Crop Condition: Good or Excellent

As-of: July 5, 2020

Previous Week

Previous Year

National Corn

71%

73%

57%

National Soybeans

71%

71%

53%

NY Corn

73%

79%

58%

NY Soybeans

66%

69%

53%

 

  • N.Y. 2020 acreage planted in corn decreased by 20,000 acres, while soybean planted acreage increased by 55,000 acres.
  • The projected season-average price of corn received by farmers for 2020-21 was increased by $0.15 to $3.35/bu, a decline from last year’s average price received of $3.60.
  • The projected season average price of soybeans was raised $0.30 to $8.50/bu. $0.05 below last year’s price.
  • Projected corn use for ethanol has been reduced due to lower gasoline consumption.
  • Exports for both corn and ethanol are projected to be significantly higher than last year.
  • Many Northeast states are experiencing dry conditions which could reduce yields.