USDA resurveys corn and soybean production in the US first since 2015

As a result of the weather uncertainty and late planting of this year’s crop, the USDA is undertaking another survey to provide a more accurate picture of 2019 acreage, OpenMarkets reports.

"The August resurvey — the first since 2015 — will produce U.S. corn/soybean planted/harvested acre estimates that will carry forward until the October USDA report when Farm Service Agency (FSA) data is incorporated to arrive at a more concise U.S. crop seeding view," the message says.

NASS will also produce the season’s first official yield estimate on summer row crops in August. This will include a broad survey of farmer yield expectations along with satellite data — making this the first August survey that enumerators will NOT head to the fields for counts, analysts note.

"The average trade estimate for August calls for U.S. corn harvested area of 80 million acres, down 3.6 million with a soybean harvested area of 79.9 million acres, down 400,000 acres from the NASS June forecast. However, the spread between the high and low in U.S. corn harvested area is a massive 5.8 million acres and 5.5 million in soybeans. This reflects the huge variations within the industry as to whether U.S. farmers seeded the vast majority of the remaining 31 million acres or punted and collected PP," the report states.

Earlier it was reported that on August 6th CBOT wheat quotations fell to USD 177.8 per ton vs. to USD 181.6 per ton on the previous trading day.