FBN’s Forecast: Soybeans Steady at 50.7; Corn at 170.0 Sets Stage for Year-Over-Year Reduction in Stocks
SAN CARLOS, Calif. and CHICAGO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Farmers Business Network® (FBN®), a global AgTech platform and farmer-to-farmer network, today released its 2022 U.S. Corn and Soybean Yield Report, the first in FBN’s annual monthly series of 2022 yield reports published through December. FBN’s commodity forecasts are model-based and utilize the unique data provided by FBN members.
FBN Yield Report Key Findings
According to a recent survey, on average analysts expect the U.S. corn yield to be 175.9 bushels per acre, with soybeans at 51.1 bushels per acre.1 In 2021, U.S. corn yields reached record highs at 177.0 bushels per acre while the U.S. soybean yield was 51.4.
FBN®’s latest model-based yield forecast is at 170.0 for U.S. corn and 50.7 for U.S. soybeans.
Key Findings For Corn
Yields in Iowa and Nebraska are expected to be significantly below the strong yields seen in 2021
Yield expectations decreased in Missouri and the Dakotas, though this was offset by gains in other states
Indiana and Ohio had the strongest yield improvements
Key Findings For Soybeans
Most states are set to have yield pullbacks compared with last year with the exception of the Northern Plains
Missouri, Nebraska and South Dakota have lower yield outlooks accounting for the majority of the decrease
With FBN’s current predictions, the US yield would be off last year’s mark and like corn, puts the balance sheet in a position to have declining stocks
The forecasts in this report are model-based, utilizing a June FBN member survey accounting for more than 4.2 million acres covering nine principal crops across 40 states in addition to satellite imagery data, crop condition data, and weather data.
"Given the persistent drought and extreme heat in many parts of the county, growers are facing plenty of adversity. A national corn yield outlook of 170.0 bushels per acre would make it the lowest yield in two years, well off current average expectations and would translate to a production tally at 13.9 billion bushels,” said FBN Chief Economist Kevin McNew. “We publish these reports to provide our members with market intelligence as it develops throughout the growing season, enabling them to make more informed decisions for their operations.”
US farmers have faced critical challenges in the 2022 growing season as late planting, record-setting heat, persistent drought and regionalized flooding have led to sub-par growing conditions in many key growing regions. In March, USDA’s Prospective Plantings report suggested farmers intended to plant less corn and more soybeans than in 2021, with forecasted US corn acres at 89.5 million acres and soybeans at 91.0 million acres.
Drought and extreme heat have been a persistent problem over the Southern and Central Plains this growing season, and at times have brought unfavorable growing conditions into Western Iowa, Eastern South Dakota and Southern Minnesota. Weather forecasts for the balance of August show heat and dryness likely to remain, which will challenge crop yield potential in these key growing areas. In the Upper Midwest and Northern Plains, many farmers have faced unusually cold and wet weather that handicapped planting progress.
FBN Research will release additional yield reports every month through December. As new data and information becomes available, the models generate updated yield predictions as the season progresses from late June to early October.
1 Survey conducted by Reuters and released on August 8, 2022.
Farmers Business Network® (FBN®) is an independent AgTech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world while working towards a sustainable future. Its Farmers First® promise has attracted over 43,000 members to the network with a common goal of helping farmers maximize their farm’s profit potential with data and technology enabled direct-to farmer commerce, community and sustainability offerings. FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops. The FBN® network has grown to cover more than 98 million acres of member farms in the US, Canada, and Australia. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has over 900 personnel and principal offices in San Carlos, CA, Chicago, IL, Sioux Falls, SD, a Canadian Headquarters in High River, Alberta, and an Australian Headquarters in Perth with significant warehouse and logistics, remote and field employees across the US, Canada and Australia.
To learn more, visit: www.fbn.com
Global Head of Corporate Communications and Media Relations
(917) 576 8767
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