Barchart forecasts a cut to USDA corn yield and production numbers

Barchart announced its initial 2021 Yield and Production forecasts for U.S. corn and soybeans, which both show a downside risk to the USDA’s projected numbers from its May WASDE Report. The company now says the end-of-season U.S. corn production is forecast at 14.5 billion bushels, with a yield of 173.5 bushels per acre. That’s compared to the USDA production forecast at 15 billion bushels and a 179.5 bushel per acre yield. Barchart’s end-of-season soybean production forecast is 4.3 billion bushels with a yield of 49.5 bushels per acre. That’s compared to the USDA production forecast of 4.4 billion bushels and a yield of 50.8 bushels per acre. A statement from the company says, “Our initial 2021 forecasts suggest potential downside for both corn and soybean production relative to the USDA numbers, and we’re happy to help provide insights like this to the public.” The company releases yield and production forecasts on the first Tuesday of each month during the growing season.