S&P Global Energy Sees Slightly Lower Corn Yields, Above-Average Soybean Acres

S&P Global Energy has released its closely watched yield estimates, and the numbers are slightly below the USDA trendline estimate. The national average corn yield is pegged at 182 bushels an acre, down from last year's record of 186.5. Mindy McMurtry, a senior analyst at S&P Global Energy, attributed this drop to a tough start to planting in some areas and excessive precipitation in the eastern Corn Belt.

The soybean yield average is put at 53.2 bushels an acre, only slightly different from the USDA's estimate of 53 bushels an acre. McMurtry noted that while the current picture may not improve significantly, good weather in August could still make a difference, particularly in the western Corn Belt.

Private crop estimates like this one are closely watched ahead of the USDA's August Crop Production Report, which will swap trendline-based estimates for yields based on satellite data, farmer survey responses, and other factors. S&P Global Energy is also looking for corn and soybean acres to come in above USDA's June 30 estimates.