Yield estimates for corn and soybeans from the United States Department of Agriculture have declined from last month.
The World Agricultural Supply and Demand Estimates (WASDE) were released last week and show a decrease in production for Ohio’s two main crops.
Corn production estimates declined 378 million bushels this month for a total estimated yield of 14.9 billion bushels.
Supplies for the crop have also seen a reduction from August as a smaller crop offsets greater beginning stocks primarily because of reduced exports for 2019-2020, according to the report.
Reduced supplies in competitor countries, however, resulted in exports being raised by 100 million bushels. Corn price is raised 40 cents to $3.50 per bushel.
The WASDE also projects a decline in overall soybean yield.
Specifically, there will be a decline of 112 million bushels to 4.3 billion bushels. Farmers are forecasted to harvest 51.9 bushels per acre, down 1.4 bushels per acre from August.
Soybean crush and exports are unchanged, leading to projected ending stocks of 460 million bushels, down 150 million from last month.
The season-average price for soybeans is projected at $9.258 per bushel, up almost a dollar from August. Soybean meal price is projected to increase to $315 per short ton. Soybean oil price is projected at 32 cents per pound, up 2 cents.
According to a report from the USDA National Agricultural Statistics Service (NASS), precipitation last week is slowly working toward reducing the negative effects of a dry August.
Topsoil moisture increased to 67% adequate this week and, overall, the state saw a decrease in drought conditions, with only 19% of the state abnormally dry or worse, down from 37% the previous week.
According to the drought monitor, most of Williams County is abnormally dry with a small section on the western border in a moderate drought.
According to the NASS report, Bryan reported no precipitation for the week ending Sept. 6, the latest the report provided.
Corn condition in the state is rated at 47% good or excellent with 37% fair and 16% poor or very poor as of Sept. 13.
For soybeans, the condition is listed as 54% good or excellent, 35% fair and 11% poor or very poor.