IA Soybean Association
Ankeny Iowa —
September 12, 2011
Contact: Karen Simon, Communications Director, (800) 383-1423
According to today’s United States Department of Agriculture (USDA) crop report, soybean production is forecast at 3.09 billion bushels, up 1 percent from August, but down 7 percent from last year. The average soybean yield for the United States is now estimated at 41.8 bushels per acre, up 0.4 bushel from last month but down 1.7 bushels from last year.
For Iowa, production is estimated at 464.6 million bushels, compared to 496.2 million in 2010. Iowa yield estimates are for an average of 51 bushels per acre; this is down 1 bushel per acre from the August forecast but similar to 2010.
USDA estimates for corn production are a total of 12.5 billion bushels, down 3 percent from the August estimate, but up slightly from 2010. U.S. average corn yield is estimated at 148.1 bushels per acre, down 4.9 bushels from the August forecast and down 4.7 bushels from 2010.
For Iowa, total corn production is estimated at 2.3 billion bushels, compared to 2.15 billion bushels in 2010. Iowa’s average expected yield is estimated at 167 bushels per acre, compared to 165 bushels per acre in 2010.
ISA President Dean Coleman, a soybean farmer from Humboldt, says, “This report came as no surprise to Iowa farmers who have experienced floods, droughts, high winds – just about every adverse weather condition possible – this summer. We are also mindful of the impact for our customers, including livestock producers and other domestic markets, as well as our export partners,” Coleman adds.
ISA CEO Kirk Leeds says, “Ending stocks for soybeans were basically unchanged as exports have been a bit slower as of late, mostly because of China. Long-term, China still needs/wants more U.S. soybeans. Like everyone else, they are trying to watch the markets and look for buying opportunities if the market drops for a few days. Carryover is so tight any surprise purchases of any significance could easily cause the markets to respond.”
The Iowa Soybean Association develops policies and programs that help farmers expand profit opportunities while promoting environmentally sensitive production using the soybean checkoff and other resources. The Association is made up of more than 8,000 farmer members and is governed by an elected volunteer board of 21 farmers.