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U S government raises corn harvest view, leaves soy crop forecast unchanged

By Reuters Staff 1 Min Read CHICAGO, July 12 (Reuters) - The U.S. government raised its forecast for the country’s corn harvest on Monday, topping the average of analysts’ estimates despite some concerns about dry conditions in key growing areas during June. The outlook for soybean harvest was left unchanged although that crop is still in early stages of development. The corn harvest was seen at 15.165 billion bushels, based on an average yield of 179.5 bushels per acre, and soybean harvest at 4.405 billion bushels, based on a yield of 50.8 bushels per acre, according to the U.S. Agriculture Department’s monthly World Agricultural Supply and Demand Estimates report.

Biodiesel Magazine - The Latest News and Data About Biodiesel Production

ADVERTISEMENT The USDA maintained its forecast for 2021-’22 soybean oil use in biofuel production in its latest World Agriculture Supply and Demand Estimates report, released on July 12. The expected price of soybean oil was lowered. Soybean production is projected at 4.4. billion bushels for 2021-’22, unchanged from the June WASDE. Harvested areas, forecast at 86.7 million acres in the June Acreage report, is unchanged from last month, but up 4.4. million acres when compared to last year. The soybean yield forecast is unchanged at 50.8 bushels per acre. According to USDA, soybean supply and use forecasts are unchanged from last month. The USDA currently predicts 12 billion ponds of soybean oil will go to biofuel production in 2021-’22, a forecast maintained from the June WASDE. Approximately 9.3 billion pounds of soybean oil went to biofuel production in 2020-’21, up from 8.658 billion pounds in 2019-’20.

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