USDA corrects October crop production report
The USDA National Agriculture Statistics Service (NASS) corrected the October crop production report, reducing the number of acres of corn and soybeans harvested nationally by one million acres each.
The report, released on October 28, 2008, now estimates the national harvest to be 12 billion bushels for corn and 2.94 billion bushels for soybeans. For Iowa, the projected production is 2.15 billion bushels of corn and 441.6 million bushels of soybeans.
Chad Hart, Iowa State University agricultural economist, says the estimates for Iowa were reduced by about 300,000 acres for corn and 200,000 acres for soybeans. The Iowa corn and soybean yields remain the same at 172 bushels per acre and 46 bushels per acre, respectively.
The next report with November projections will be released in a couple of weeks. “The November report will incorporate more data in from the field including actual test weights of crops harvested,” Hart said.
Hart says some key points to pay attention to until the next report are the rate of the harvest as it picks up speed, the action on the financial markets and if the export markets can continue to remain fairly strong.
Chad Hart talks more about the October crop production corrections and other factors affecting market prices in an audio interview with Doug Cooper.
Chad Hart, Agricultural economist, 515-294-9911, email@example.com
Douglas Cooper, Extension Communications and Marketing, (515) 294-6275, firstname.lastname@example.org
Jennifer Scharpe, Extension Communications and External Relations, email@example.com