KANSAS CITY — Based on observations from last week’s Midwest crop tour, Pro-Farmer forecast corn and soybean crops smaller than those forecast by the U.S. Department of Agriculture, but still record large in the case of corn.
Professional Farmers of America, a Cedar Falls, Iowa-based newsletter and advisory service usually referred to as Pro-Farmer, forecast U.S. 2013 corn production at 13,460 million bus, below the U.S.D.A. forecast of 13,763 million bus, but still record large. The average corn yield was forecast at 154.1 bus an acre, slightly below the U.S.D.A. estimate of 154.4 bus an acre.
U.S. 2013 soybean production was forecast at 3,158 million bus, below the U.S.D.A.’s forecast of 3,255 million bus, which would have been the third largest crop on record. The Pro-Farmer soybean yield forecast was 41.8 bus an acre, down from the U.S.D.A.’s 42.6 bus an acre.
The U.S.D.A. forecasts were based on Aug. 1 conditions. Dryness has since intensified in some areas, and the late development of the crop has some concerned that an early frost may further reduce yield potential. The Pro-Farmer Midwest Crop Tour spanned four days last week with estimates released Aug. 23.
The Pro-Farmer estimates also were based on 1.8 million fewer acres of harvested corn and 800,000 fewer harvested acres of soybeans, reflecting prevent plant acres in Iowa, Minnesota and North Dakota. The U.S.D.A. forecast corn harvested area at 89,135,000 acres and soybean harvested area at 76,378,000 acres in its Aug. 12 Crop Production report.
Corn and soybean futures were trading sharply higher on concerns about dry weather.