Published: Wed, September 13, 2017
Business | By Max Garcia

South Dakota corn, soybean crop to decline this year

South Dakota corn, soybean crop to decline this year

Soybeans dipped for a fourth consecutive session - although losses were marginal - on expectation of a reduction in US yields, while corn fell for the first time in three sessions as markets await key supply-demand reports to be issued by the US Department of Agriculture (USDA). The crop was 60% good or excellent as of Sunday, down a point from the prior week.

Soybeans dropping leaves was 26 percent, behind 42 percent past year and the average of 44 percent.

Chicago Board of Trade (CBOT) agriculture grains futures closed mixed Tuesday with Corn and Soybean prices falling on higher official crop estimates.

Soybean acreage increased from 1.9 million to 2.1 million acres, but overall production is still projected to drop from 107 million bushels to 102 million. Corn maturity was 4 percent, compared with 17 percent a year ago and a 21-percent average. Average soybean yield is forecast at 35 bushels per acre, down 6.5 bushels from 2016. Bushels per acre could see a 9 percent decrease from the 2016 harvest, according to an agency news release. That's down from the August USDA estimate of 4.381 billion bushels on yields of 49.4 bushels.

Factoring in effects of hurricanes Harvey and Irma could change the picture though.

The storm tore through Florida leaving 11 people dead and much of the state under water.

Irma, how a tropical depression, caused flooding in much of Georgia and SC and is moving northwest toward St. Louis.

Elsewhere in the Midwest, the maps look pretty quiet with only slight chances of rainfall in parts of western and north-central Nebraska, the NWS said.

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