Latest Crop Forecasts for Corn, Beans

USDA crop forecast numbers for August were bearish for both corn and soybean markets.

Production and ending stocks numbers were much higher than expected. Corn production is forecast at 13.7 billion bushels, down 4 percent from last year's record production. Based on conditions as of August 1, yields are expected to average 168.8 bushels per acre, down 2.2 bushels from 2014. If realized, this will be the second highest yield and third largest production on record for the United States.

Soybean production is forecast at 3.92 billion bushels, down 1 percent from last year. Based on August 1 conditions, yields are expected to average 46.9 bushels per acre, down 0.9 bushel from last year.

Area for harvest in the United States is forecast at a record 83.5 million acres, down 1 percent from June but up nearly 1 percent from 2014. Planted area for the nation is estimated at 84.3 million acres, down 1 percent from June.

Illinois' corn yield is estimated at 172 bushels per acre; soybeans at 53 bushels per acre. The corn yield is 28 bushels lower than last year's record, and the soybean yield is just 3 bushels lower than last year.