USDA will release its monthly crop production estimates next week, but private analysts already are calling for larger-than-expected crops. Informa Economics this week increased its estimates of U.S. corn, soybean and cotton production. But, Informa cut its world wheat production numbers due to arid conditions in the southern hemisphere. But that's not to diminish Mother Nature's impact on domestic production.
According to the National Climate Data Center, this summer was the second warmest in the continental U.S. since records began in 1895. Meanwhile, the National Weather Service Climate Prediction Center is predicting improvement across the Great Plains by December. But many soybean farmers in South Dakota have had too much rainfall in recent weeks. Farmers in some parts of the state are waiting for beans to dry up and mature before they can harvest. The estimated average yield for South Dakota soybeans is 34 bushels an acre….two bushels lower than last year.
Despite recent rainfall, moderate to extreme drought conditions continue in about 40 percent of the country.
The government will assess the weather's impact on crops next week, when it releases its much-anticipated October crop production report.