USDA Boosts Estimated Corn Harvest Acres, Keeping Production Near Record Levels Despite Lower Yield

USDA increased expected corn harvest acres by 774,000, offsetting reduced yield expectations and keeping production near record levels.
The acreage boost raises questions about why USDA's June survey underestimated corn plantings. Response rates have declined but were similar to 2021.
Analysts also underestimated corn acres this year after overestimating last year. Final soy acres were close to June estimates.
The 774,000 acre increase is the largest upward revision from June to fall in over 40 years. There may be room for further growth.
Lower survey response rates may be impacting estimate quality. Final corn and soybean acres often end up lower than June forecasts.

reuters.com

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