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.
